NIC, OIC, UII merger: Tenders for appointment of external agency to be notified soon, say sources
The consultant will also be responsible to look into the balance sheet, IT and employees of these companies. The government wants to complete the merger process in the ongoing financial year. However, before kicking-off the merger of these PSU GICs, the government will have to amend the existing General Insurance Business (Nationalization) Amendment Act 2002.
The Finance Ministry is likely to meet on April 23, 2018, to decide the fate of merger of the three Public Sector General Insurance Companies (GICs). Image source: Reuters