Cabinet to take final call on listing of PSU insurers -Governance Now

Cabinet to take final call on listing of PSU insurers

The finance ministry had circulated a draft cabinet note for inter-ministerial consultations on the listing

GN Bureau | November 8, 2016

#New India Assurance #National Insurance Company #Oriental Insurance Co #United India Insurance Co

The cabinet is likely to take a final call on the listing of public sector general insurance companies this month. Last week, the finance ministry had circulated a draft cabinet note for inter-ministerial consultations on the listing of four general insurance public sector companies, according to news report.

These companies are New India Assurance Company, National Insurance Company, Oriental Insurance Co and United India Insurance Co.

In the union budget 2016-17, finance minister Arun Jaitley had announced the listing of such companies. He had said, “...(proposed to) undertake important banking sector reform and public listing of public sector general insurance and undertake significant changes in FDI policy."

Also, last year the government allowed foreign insurance players to raise their stake in their joint venture to 49%. Earlier, only up to 26% FDI was permitted. There are 52 insurance companies operating in India, of which 24 are in life business and 28 general insurance.

Comments

Other News

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Vasudhaiva Kutumbakam: How to connect businesses with people

7 Chakras of Management: Wisdom from Indic Scriptures By Ashutosh Garg Rupa Publications, 282 pages, Rs 595

ECI walks extra mile to reach out to elderly, PwD voters

In a path-breaking initiative, the Election Commission of India (ECI), for the first time in a Lok Sabha Election, has provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. Voters above 85 years of age and Persons with Disabilities (PwDs) with 4