New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has given in principle approval for capital infusion for three Public Sector General Insurance Companies, namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL), according to a Press communication from PIB.
In view of the above, Cabinet has allowed immediate release of Rs. 2,500 Crore in light of the critical financial position and breach of regulatory solvency requirements of 3 PSGICs viz. OICL, NICL and UIICL.
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