Deferring merger of three public-sector General-Insurance companies not good
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Deferring merger of three public-sector General-Insurance companies not good - Public-sector companies should follow private-sector Insurance-companies to bring new schemes with collaboration of public-sector banks
It refers to Union Cabinet on 09.07.2020 deferring merger of three out of four General-Insurance companies which was announced in the Union Budget of 2018-19 and 2019-20. The three General Insurance companies which were proposed to be merged are continuing showing losses for several years with global rating agency downgrading rating of these loss making public-sector companies. If pre-planned merger of public-sector banks could be affected from 01.04.2020 even during lockdown, there should be no reason to defer merger of public-sector Insurance-companies to reduce unnecessar...