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(3) The decision of the Company will be final in this regard.
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(2) Must be holding a valid registration from Medical Council of India or any State Medical Council. Degree or equivalent foreign degrees, which are recognized as equivalent to M.B.B.S.degree by the Medical Council of India, from a recognized University. Ltd., a leading Public Sector General Insurance Company wholly owned by Government of India. The last date for submission of applications is 28th February 2019.Ībout: United India Insurance Co.
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The Cabinet had also decided to increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each to give effect to the capital infusion decision.Īt the same time, the Cabinet junked the earlier Budget proposal of merging NICL, OICL and UIICL. Last year, the Union Cabinet, headed by Prime Minister Narendra Modi, cleared a proposal to provide capital support to National Insurance, Oriental Insurance and United India Insurance. These Acts led to nationalisation of banks in two phases, and provisions of these laws have to be changed for privatisation of banks, they said. The government think-tank is believed to have suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary.Īside from this, the government is gearing itself to table amendments in the Banking Regulation Act, 1949, to enable privatisation of two public sector banks.Īmendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, for privatisation, the sources said. The NITI Aayog was entrusted with the task of recommending a suitable candidate for privatisation of two public sector banks and one general insurance company. The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. The amendments to the GIBNA are being worked out and may be tabled in the upcoming session to help privatisation of a general insurance company announced in the Budget this year, sources said.įinance Minister Nirmala Sitharaman in her Budget 2021-22 had announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company.Īs part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. The Act, which came into force in 1972, provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business.