Recently Cabinet approves capital infusion for the three Public Sector General Insurance Companies, which of the following insurance company in not correct?

Solution

Union Cabinet chaired by the Prime Minister has approved the capital infusion for an overall value of Rs.12,450 crore; (including Rs. 2,500 crore infused in FY 2019-20) in the three Public Sector General Insurance Companies namely Oriental Insurance Company Limited (OlCL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). Of which Rs.3,475 crore will be released immediately; while the balance Rs,6475 crore will be infused later. Cabinet also approved increase in authorised share capital of NICL to Rs.7,500 crore and that of UIICL and OlCL to Rs 5,000 crore respectively to give effect to the capital infusion. The process of merger has been ceased so far in view of the current scenario and instead, the focus shall be on their profitable growth. The capital infusion of Rs.3,475 Crore will be allocated to three Public Sector General Insurance Companies viz. OlCL, NICL and UIICL as the first tranche in the current financial year and the balance amount will be released in one or more tranches. Oriental Insurance Company Limited (OICL) Headquarters: New Delhi, MD&CEO: SN Rajeshwari National Insurance Company Limited (NICL) Headquarters: Kolkata, MD& Chairman: Smt. Suchita Gupta United India Insurance Company Limited (UIICL) Headquarters: Chennai, CEO: Shri Girish Radhakrishnan