General Insurance Business Nationalization Amendment Compliance 2021- Since the onset of the monsoon session, parliamentary riots have continued to affect. According to the recently released data, this rainfall has so far lost more than 180 crores. The current session brings some troubles to the government every day. But today, the government has had great success in the Lok Sabha, with the government passing the General Insurance Business Nationalization Amendment Bill 2021 (GIBNAB) in the Lok Sabha.
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Does the passage of the GIBNA bill change anything?
The Modi government at the center is slowly opening the way for investment in every sector of the private sector. The government believes this will lead to changes in the structure of companies. At the same time, its burden on the government is minimal. According to the GIBNA Bill 1972, it cannot reduce its stake in general insurance companies to less than 51%. But once the current bill is approved, the government can reduce its stake by 51%. This reduces government control over these companies.
In a statement, Union Finance Minister Nirmala Sitharaman said that the time has come to amend the GIBNA Bill 1972. Let us tell you that this year the finance minister in his budget speech announced the privatization of two banks and one general insurance company. The government is aiming to raise Rs 1.75 lakh crore through investment in this fiscal.
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Any one of these will be privatized
National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited are the four insurance companies currently in the public sector. However, none of this will be privatized, and nothing has been said on the part of the government.
