Exposure Of Public Sector General Insurance Companies In Adani Group 0.14 Per Cent Of Their Total AUM: Govt

The government on Monday (13 March) informed the Parliament that the total exposure of five public sector general insurance companies in Adani Group of Companies is Rs 347.64 crore, which is less than 0.14 per cent of assets under management (AUM) of these firms.

The five General Insurance PSU firms include New India Assurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and General Insurance Corporation of India.

"As per data received from Public Sector General Insurance companies, namely New India Assurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and General Insurance Corporation of India, total exposure in Adani Group of Companies as on 31 January 2023 is Rs 347.64 crore which is 0.14 per cent of the total AUM of all the five companies," Union Minister of State for Finance Bhagwat Karad said in a written reply to a question in the Lok Sabha.

The minister said that the Employees Provident Fund Organization (EPFO) informed that they invest in equity markets only through Exchange Trade Funds replicating BSE-SENSEX and NIFTY- 50 indices.

Further, the Reserve Bank of India has informed that RBI does not collect borrower level investment data and such information is not maintained by it, the minister said.