LIC rides to the rescue of public sector banks
LIC has infused a total of Rs2,539 crore in public sector banks in fiscal year 2016
The Life Insurance Corp. of India (LIC) has been helping the government pump in money into capital-starved public sector banks. It has been increasing its stake in public sector banks for the past few years, as you can see from the chart compiled by Kotak Institutional Equities Research. The latest addition came on 31 March when IDBI Bank sold its 2% stake with the National Stock Exchange to LIC for around ₹ 351 crore, a part of the turnaround plan for the bank.