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Govt to infuse ₹2,500 cr in three public-sector insurance companies

Feb 12, 2020 16:46 IST

The Cabinet on Wednesday approved the infusion of ₹2,500 crore into three public-sector general insurance companies - Oriental Insurance, National Insurance and United India Insurance. Just like banks, the government will start recapitalisation of general insurance companies in tranches as and when required, Union minister Prakash Javadekar said in a media briefing. The government is infusing capital into these companies so that the solvency ratio becomes acceptable and it fulfils the criteria of the Insurance Regulatory Development Authority (IRDAI), Javadekar said. Besides, ₹6,950 crore will be infused in these three companies next year, according to the 2020-21 Budget document.

Economy