Centre To Pay Sbi, Lic Rs 800 Crore For Uti Pie

The Centre is likely to refund State Bank of India and Life Insurance Corporation about Rs 600-800 crore for their initial stake in the Unit Trust of India, according to senior government officials.

The ordinance to repeal the UTI Act of 1963 had said the initial capital contributed by IDBI, LIC, SBI and its subsidiary banks and other institutions would be refunded by the Centre on the basis of the book value, and the assets and liabilities of the trust.

The finance ministry is, however, yet to take a final decision on refunding IDBI, which contributed 50 per cent to UTI