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Govt readies amendments to GIBNA for insurance PSU privatisation; may table Bill in monsoon session SECTIONS Last Updated: Jul 04, 2021, 12:47 PM IST Share Synopsis The Act, which came into force in 1972, provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business. Agencies The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. To facilitate privatisation of a public sector general insurance firm, the government is working on amendments to the General Insurance Business (Nationalisation) Act (GIBNA), and a Bill for that is likely to come up in the upcoming monsoon session.

Nirmala sitharamanNarendra modiUnion cabinetCore group of secretaries on disinvestmentInsurance co ltdBanking companies acquisitionLife insurance corporation of indiaNational insurance company ltdUnited india insurance co ltdNational insuranceGeneral insurance businessMinister nirmala sitharamanLife insurance corporationUnited india insuranceCore groupBanking regulation act