National Insurance lowers target

CALCUTTA, January 3: National Insurance Company Ltd (NIC) has reduced its 1997-98 target for premium collection to Rs 1750 crore from the original target of Rs 1840 crore, A N Poddar, chairman & managing director, told reporters on Saturday. He was attending the inauguration of NIC’s `May I help you’ counters at the company’s head office in Calcutta.

Poddar said that the new target was more realistic "in view of the prevailing circumstances." According to sources in the company, the original target was fixed at the beginning of the fiscal taking into account all the new projects which were to come up in the course of the year. "However, since some of those have not materialised, we had to do a mid-year evaluation and bring down the figure," said the source.