Govt to infuse Rs 3,000 crore capital in PSU general insurers this quarter
The proposal to provide capital support to three public sector general insurance companies - Oriental Insurance Company Limited (OlCL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL) - has already been approved by the Union Cabinet last year
BusinessToday.In | February 14, 2021 | Updated 17:08 IST
Govt to infuse fund in Oriental Insurance, National Insurance and United India Insurance
In a bid to improve financial health of state-owned general insurance companies, the Finance Ministry will infuse Rs 3,000 crore capital into them during the current quarter. The proposal to provide capital support to three public sector general insurance companies - Oriental Insurance Company Limited (OlCL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL) - has already been approved by the Union Cabinet last year.
The cabinet had also decided to increase the authorised share capital of National Insurance Company Limited to Rs 7,500 crore and that of United India Insurance Company Limited and Oriental Insurance Company Limited to Rs 5,000 crore each to give effect to the capital infusion decision.
Read more about FinMin to infuse Rs 3,000 cr in state-owned general insurers this quarter on Business Standard. Last year, the Union Cabinet headed by Prime Minister Narendra Modi cleared proposal to provide capital support to National Insurance, Oriental Insurance and United India Insurance
The Parliamentary Public Accounts Committee has expressed its displeasure with non-appointment of the chairmen of the State Life Insurance Corporation (SLIC) and the National Insurance Company Limited (NICL).
Traditionally in Indian society, the contributions of homemakers towards the development of their houses and the economy have been undermined and often not recognised at all. Many in this patriarchal setup claim that women ‘fit’ the role of a homemaker and hence it is not important to recognise their contributions. However, times have changed and different legislations and judgments have been passed in favour of recognising people of different sexes as equals. But what was not recognised was the contribution made by different people in different ways on both the micro- and macro-economic scale.
Interestingly, it took a completely unrelated statute to understand a homemaker’s contribution to society, at least economically. This is not the first case where such income is determined on a notional basis but a thorough analysis with reasons in the instant judgment warrants commendation. Recently, the Supreme Court of India in Kirti and Anr. v. Oriental Insurance Company has recog