LIC Housing board meets to review situation

LIC Housing board meets to review situation

Mumbai: The board of LIC Housing Finance met on Monday to review situation after its former chief executive was arrested for allegedly taking bribes for sanctioning loans to corporates.

The company will issue a statement shortly on the decisions taken at the meeting, the newly appointed chief executive VK Sharma told reporters after the board meeting.

Eight executives from public and private-sector financial institutions have been arrested in the housing finance scandal, one of several to dog the government and test its ability to crack down on corruption.

Those arrested include senior officials at state-run Central Bank of India, Punjab National Bank and Bank of India for allegedly accepting bribes for sanctioning loans for corporate houses.