LIC unions oppose acquisition of IDBI Bank by insurer
LIC employee unions have said that they are against the proposal for the insurer to acquire 51 per cent stake in IDBI Bank as it would be hurt the interest of policyholders and their premium money.
Citing past performance of the investments made in the public sector banks (PSBs), Federation of LIC Class-I Officers Association said: "There is considerable erosion in the share value of these banks which may affect our profitability also.
"In a way, we are forced to participate in the bank recapitalisation programme. The acquisition of a major stake in IDBI has to be viewed with concern in this context."
Disclaimer: No Business Standard Journalist was involved in creation of this content