It is a sad news to hear that LIC IS advised to invest huge. amount of money in the loss making IDBI BANK to have a controlling stake in the bank.The Govt may even convince IRDA to permit LIC to proceed relaxing the permissible limit of investment in any one company.This is clearly against
LIC'S own submission in the Delhi HC that acceptance of Pension revision will affect Policyholders' interest by way of reduction in Bonus. How does LIC hope to increase Bonus to Policyholders if they invest. thousands of crores in IDBI BANK with large losses and huge NPA s
If LIC wants Bankassurance they can go in for LIC BANK and improve their business exclusivelly.
Unfortunately LIC IS not autonomous but remote controlled
I have only expressed my opinion
as a citizen in a Democratic country
Yours sincerely
M.Bhaskaran
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