Mumbai: In another development, the Union Cabinet on Wednesday approved capital infusion of Rs 12,450 crore in three public sector general insurance companies.
While briefing journalists about the decisions of the cabinet, Information, and Broadcasting Minister Prakash Javadekar said that the Cabinet has approved capital infusion of Rs 12,450 crore in three public sector general insurance companies – Oriental Insurance Company, National Insurance Company and United India Insurance Company (including Rs 2,500 crore infused in 2019-20).
Meanwhile, the cabinet has also an extension of the EPF contribution 24 per cent (12 per cent employees share and 12 per cent employers share) for another three months from June to August 2020. The move will benefit over 72 lakh employees and cost the government Rs 4,860 crore.
The cabinet meeting was chaired by Prime Minister Narendra Modi