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Aviva India turns to PSBs on recapitalisation plan boost

To rescue lenders burdened with the record bad loans will boost their prospects

Reuters  |  Mumbai 

Aviva Plc's India life insurance joint venture is raising its exposure to the country's state-run banks as it bets the government's $32 billion plan to rescue lenders burdened with the record bad loans will boost their prospects. The insurer also likes metals stocks and consumption-driven sectors, especially those that target rural consumers but would avoid the non-bank finance companies, Prashant Sharma, chief investment officer at Aviva Life Insurance Co. India Ltd told Reuters. The 21 public-sector undertaking (PSU) banks, which are majority owned by the government ...

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First Published: Thu, November 23 2017. 13:55 IST
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