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29 June 2018
 |
LIC
(The Total Investment & Insurance Solutions)
The
Central government should not shirk its responsibility of providing additional
capital to IDBI Bank while burdening LIC with the task of bailing out the
loss-making bank, said a top leader of a banking employees' union on Friday.
Referring
to the news of the Life Insurance Corporation of India (LIC) being allowed to
increase its stake in IDBI Bank, All India Bank Employees' Association (AIBEA)
General Secretary C.H. Venkatachalam, in a letter to the Union Finance Minister
Piyush Goyal, said that due to the huge pile of bad loans in IDBI Bank, the
need has arisen to provide it additional capital.
While
investment is a part of LIC's business, it cannot be that all loss-making
institutions are to be bailed out by LIC at the cost of the interest of the
common people who are investors in the life insurance company, he added.
According
to Venkatachalam, like the banks, even LIC has a huge portfolio of
non-performing assets/investments.The
Total Investment & Insurance Solutions
If
LIC invests in IDBI Bank, then the government's stake in the bank will come
down below 51 per cent which is contrary to the assurance given to the
Parliament when IDBI was converted into a bank, he added.The Total Investment & Insurance Solutions
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