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New Delhi : The Union Cabinet, chaired by Prime Minister Narendra Modi, on February 12, 2020, gave its in principle approval for capital infusion into three Public Sector General Insurance Companies (PSGICs), namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL), and United India Insurance Company Limited (UIICL).
In view of the above, the Cabinet has allowed immediate release of Rs 2,500 crore in the light of the critical financial position and breach of regulatory solvency requirements of 3 PSGICs viz. OICL, NICL and UIICL, according to a PIB release.
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