RSS member Swadeshi Jagran Manch writes to PM Modi, urges not to merge 3 PSU insurance companies
NEW DELHI: (SJM), the economic wing of RSS, has written to Prime Minister Narendra Modi to urge not to allow the proposed merger of Oriental Insurance Co Ltd, United Insurance Company Ltd and National Insurance Co Ltd.
SJM claimed that the merger will have a negative impact on schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Jan Aarogya Yojana (PMJAY).
Last year, the Center had decided to merge state-owned general insurance companies to make it a major individual life insurance insurer.
These insurance companies have faced a deterioration in finances with a solvency index below the standards established by the Irdai insurance regulator. The financial results of the UPM were not very encouraging either.
The Minister of Finance, Nirmala Sitharaman, in the 2019-20 Union Budget, had presented the proposal to merge the three PSU insurance companies into one.