Centre Privatises General Insurance Companies; Customers Face Risk
Channel: NewsClickin
Date: 2021-08-10

The amendments made to the General Insurance Business Nationalisation Act (GIBNA) has opened the public sector general insurance companies to the private players. The Narendra Modi-led government's move to privatise insurance companies has resulted in around 50 crore customers and 54,000 employees facing risks. The Union government is also using the rural penetration of the four public sector general insurance companies to implement its flagship programs, such as the Pradhan Manthri Suraksha Bima Yojana, Ayushman Bharat, etc., now under the threat of being closed down.

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