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Life Insurance Corporation of India (LIC) is increasing its exposure to banks. It has recently doubled its holding in Bank of Maharashtra to over 2 per cent, from the earlier 1.09 per cent.
LIC holds 26.32 per cent stake in Corporation Bank and little less than 14 per cent in UTI Bank and has represtation on board.
LIC holds about 10 per cent in ICICI Bank, 5 per cent in State Bank of India, 6.37 per cent in IDBI Bank, about 5 per cent in HDFC Bank, and about 2 per cent in Dena Bank, Syndicate Bank, Bank of Baroda and Bank of India. In these banks, LIC does not have any board representation despite a significant stake.
Government to encourage level playing field for banks
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