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New Delhi18 minutes ago
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The central government will spend Rs 3 thousand crore on them in the January-March 2021 quarter to strengthen the 3 government general insurance companies and make them more stable. In a meeting chaired by Prime Minister Narendra Modi last year, it was decided that additional capital would be provided to improve the financial position of ‘National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited ’.
National Insurance Company to get Rs 7,500 crore
It has been approved to increase the Authority Share Capital (Authorized Capital) of National Insurance Company Limited to Rs. 7,500 crore while the authorized capital of United India Insurance and Oriental Insurance Company has been approved to increase to Rs. 5,000 crore.
The government has released the last list of demands for grant for additional expenditure of Rs 6.28 lakh crore in the current financial year. In this, 3000 crore rupees have been given to these insurance companies. The companies will get this money after its passage in the current session of Parliament. With getting this money, the financial condition of these insurance companies will improve.
This budget proposes privatization of two banks and one insurance company
Finance Minister Nirmala Sitharaman, while presenting the budget for FY 2021-22 this month, proposed privatization of 2 public banks and one insurance company during the next financial year.