Cabinet approves capital infusion for OICL, NICL and UIICL

In a major decision on Wednesday, the Union Cabinet approved a proposal for capital infusion for three Public Sector General Insurance Companies, namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). The decision was taken by the Union Cabinet in a meeting chaired by Prime Minister Narendra Modi.

A total of Rs 2500 crore will be released for the same. "In view of the above, Cabinet has allowed immediate release of Rs. 2500 Crore in the light of the critical financial position and breach of regulatory solvency requirements of 3 PSGICs viz. OICL, NICL and UIICL," an official statement from PIB read.

In the same meeting, the cabinet was apprised of a Memorandum of Understanding (MoU) was signed between India and Iceland in the field of Fisheries. The MoU was signed on 10th September, 2019. The MoU includes creation of facilities for exchange of scientists and technical experts and their proper placement, especially in areas of estimating Total Allowable Catches in off shore and deep sea areas.

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It has provision of training to fisheries professionals from key fisheries institutions in the various management aspects on areas of modern fisheries management and fish processing. The MoU also talks about exchange of scientific literature research findings and other information.

The MoU will strengthen the existing friendly relations between India and Iceland and will enhance consultation and cooperation on Fisheries including consultation on bilateral issues.

The Union Cabinet has decided that Pesticide Management Bill, 2020, will be introduced in this session of Parliament. The Bill aims at protecting farmers' interests by ensuring that they get safe and effective pesticides.