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The New India Assurance Co. Ltd. (NIACL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai , it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations.
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The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United India Fire & General Insurance Company Limited, Madras, Oriental Fire & General ...
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New Bank of India was established in 1936, in Lahore by Mulk Raj Kohli, a professor of Economics turned banker. It moved its head office to Amritsar in 1947, and then to New Delhi in 1956. It acquired Didwana Industrial Bank in 1965, Chawla Bank in 1969, and Sahukara Bank in 1971.