PSU general insurance companies form committee for initiating mergers

Committee to chalk out plan for effective use of Rs 750 billion, 42,000 workforce

Following the government’s announcement in the last Budget of a merger of three public sector insurance companies, a committee comprising senior executives of the three firms have been formed to assess the conditions of the merger. 

Though modalities are likely to be finalised by the end of this financial year, the merger may be pushed to the next financial year.

The decision to form a committee, the first step towards forming the insurance behemoth, was taken during a meeting of the finance ministry with the heads of National Insurance Company (NIC), United India Insurance Company and Oriental Insurance Company, a few weeks