Union Cabinet nod to capital infusion in 3 public sector general insurance cos.

The Union Cabinet, chaired by the Prime Minister  Narendra Modi, has given its 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). In view of the above, Cabinet has allowed immediate release of Rs 2500 crore in the light of the critical financial position and breach of regulatory solvency requirements of three PSGICs viz. OICL, NICL and UIICL.