Cabinet approves proposal for capital infusion for OICL, NICL, UIICL

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has given its in-principle approval for capital infusion for three Public Sector General Insurance Companies.

The companies are 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 3 PSGICs viz. OICL, NICL and UIICL.