New Delhi: Government general insurance companies, National Insurance Company Limited and United India Insurance Company Limited may merge with Oriental Insurance Company Limited. According to media reports, the merger of these three companies has received in-principle approval from the Finance Ministry and this merger may be formally announced before or after the budget.

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According to media reports, a board meeting of the National Insurance Company was held in Kolkata on Monday to approve the merger of these 3 companies. In this meeting, their merger was approved. The board of Oriental and United India had approved it before the board of National Insurance Company Limited approved the merger. For this, the board meeting of these two companies was held on Friday. New India Assurance Company may also be involved in this merger.

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The trade unions claim that the government wants to merge four government general insurance companies and create a big company. The government wants to strengthen these insurance companies by putting it together. In the Union Budget for the financial year 2018-19, then Finance Minister Arun Jaitley announced the proposal for the merger of the three government general insurance companies, but the merger of these companies could not happen due to poor financial health.

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