 "Capital infusion of Rs 2,500 cr in 3 general insurance cos gets Cabinet nod")
The Union Cabinet on Wednesday approved a proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector companies on account of their critical financial conditions.
The decision came after United India Insurance, National Insurance Company and Oriental Insurance Company breached the regulatory solvency requirements.
"The Cabinet approves the proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector general insurance companies in the light of the critical financial position and breach of regulatory solvency requirements," an official statement said.
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