3 Banks, Lic To Hold Equal Stake In Uti-Ii

The State Bank of India (SBI), the Bank of Baroda, Punjab National Bank and Life Insurance Corporation (LIC) will each hold stake worth Rs 2.5 crore in UTI-II, to be set up after splitting the Unit Trust of India (UTI).

The public sector banks and LIC have agreed to pick up the entire Rs 10 crore capital in the asset management company that would come into existence after the promulgation of the Ordinance to repeal the UTI Act, 1963. The Union Cabinet today approved the finance ministry