The finance ministry has asked public sector general insurance firms to rationalise branches and cut avoidable expenses to improve their financial health.Of the four public sector general insureres, National Insurance, Oriental Insurance and United India Insurance are loss-making. The outlier in this segment is New India Assurance.The advisory of the ministry follows Parliament”s approval to a bill to allow privatisation of state-owned general insurers in August in line with the Budget announcement.The finance ministry has asked these companies to rationalise branches and also trim administrative layers wherever possible, sources said.Besides, sources said, they have been asked to expand their business through a cost effective digita …
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