“In the moment, the Centre infused ₹5,000 crore, that is ₹3,700 crore in NICL, ₹1,200 crore in OICL and Rs 100 crore in UICL, which will be utilized to subscribe to the share capital of the respective public sector general insurance agency and issuance of shares to the Centre against the membership,” said an official, who didn’t wish to be identified.
A notice issued by the finance ministry on April 13 expressed that for NICL the approved capital will now be ₹15,000 crore, for OICL it will be ₹7,500 crore and for UICL, approved capital has been raised to ₹7,500 crore from ₹5,000 crore.
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