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Govt readies amendments to GIBNA for insurance PSU privatisation


The monsoon session is expected to begin from July 19.
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.
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.
Finance 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. ....

Nirmala Sitharaman , Narendra Modi , Union Cabinet , Core Group Of Secretaries On Disinvestment , Insurance Co Ltd , Banking Companies Acquisition , Life Insurance Corporation Of India , National Insurance Company Ltd , United India Insurance Co Ltd , National Insurance , General Insurance Business , Minister Nirmala Sitharaman , Life Insurance Corporation , United India Insurance , Core Group , Banking Regulation Act , Banking Companies , Prime Minister Narendra Modi , Oriental Insurance , United India , Oriental Insurance Co Ltd , நரேந்திர மோடி , தொழிற்சங்கம் மந்திரி சபை , காப்பீடு இணை லிமிடெட் , வங்கி நிறுவனங்கள் கையகப்படுத்தல் , வாழ்க்கை காப்பீடு நிறுவனம் ஆஃப் இந்தியா ,

Govt readies amendments to GIBNA for insurance PSU privatisation; may table Bill in monsoon session


Govt readies amendments to GIBNA for insurance PSU privatisation; may table Bill in monsoon session
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Last Updated: Jul 04, 2021, 12:47 PM IST
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Synopsis
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.
Agencies
The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22.
To facilitate privatisation of a public sector general insurance firm, the government is working on amendments to the General Insurance Business (Nationalisation) Act (GIBNA), and a Bill for that is likely to come up in the upcoming monsoon session. ....

Nirmala Sitharaman , Narendra Modi , Union Cabinet , Core Group Of Secretaries On Disinvestment , Insurance Co Ltd , Banking Companies Acquisition , Life Insurance Corporation Of India , National Insurance Company Ltd , United India Insurance Co Ltd , National Insurance , General Insurance Business , Minister Nirmala Sitharaman , Life Insurance Corporation , United India Insurance , Core Group , Banking Regulation Act , Banking Companies , Prime Minister Narendra Modi , Oriental Insurance , United India , Oriental Insurance Co Ltd , நரேந்திர மோடி , தொழிற்சங்கம் மந்திரி சபை , காப்பீடு இணை லிமிடெட் , வங்கி நிறுவனங்கள் கையகப்படுத்தல் , வாழ்க்கை காப்பீடு நிறுவனம் ஆஃப் இந்தியா ,