Cabinet approves funds for 3 PSGICs

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    New Delhi (NVI): The Union Cabinet today approved the immediate release of Rs 2,500 crore in the light of the critical financial position and breach of regulatory solvency requirements of 3 Public Sector General Insurance Companies (PSGIC).

    The 3 PSGICs to receive the funds are Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL).

    The Union Cabinet was chaired by Prime Minister Narendra Modi.