The government has increased authorized share capital of three public sector general insurance companies – National Insurance Company Limited, Oriental INSURANCE PROVIDER Limited and United India Insurance Company. This will facilitate capital infusion of ₹5,000 crore in these lenders.
A warning gave by the Finance Ministry expressed that for the National Insurance, approved capital will currently be ₹15,000 crore. Also, for Oriental Insurance, it will be ₹7,500 crore (750 crore shares with face value of ₹10 each) from ₹5,000 crore (500 crore shares with face value of ₹10 each). In the event of United India Insurance, approved capital has been raised to ₹7,500 crore (750 crore shares with face value of ₹10 each) from ₹5,000 crore (500 crore shares with face value of ₹10 each).
Oriental Insurance ended up with a loss after tax of ₹1,525.44 crore in the FY 2020-21 in comparison with a lack of ₹1,524.10 crore in 2019-20.
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