Merge and do not dis-invest Public Sector General Insurance Companies
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Government of India ,
We would like to appeal your good self to intervene and consider our request to merge four Public Sector General Insurance (PSGI) Companies into one Single Corporation instead of the Government’s decision to merge three PSGI companies for the following reasons:
to avoid intra-competition among the four Companies
to financially strengthen the PSGI Companies
to effectively meet the challenges posed by Private players
to manage and prune the management expenses
to further the services of the PSGI companies to the door steps of remotest corner of the country
Likewise, the decision of Central Government to disinvest their holdings from PSGI Companies is not in the interest of PSGI Companies, but to facilitate only to privatise the companies. These companies viz., National Insurance, New India, Oriental and United India have opened up their offices at every nook and corners of the country to penetrate the rural areas and for this purpose they have not sought any additional capital from the Government. They are financially strong and regularly paying dividends to the Central Government. So far, except initial investment of Rs.19.5 Cr in the year 1971, no additional capitals have been infused by the Central Government. Whereas, with their own earnings they increased the share capital of the Central Government to Rs.550 Cr. Hence, we strongly feel dis-investment is not required for these companies and it is against the interest of public.
We seek your intervention with a request to place our views before the Hon’ble Members of Parliament for their consideration.
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