'LIC board to decide on bank licence'

The government on Wednesday said the Life Insurance Corporation s board will have to decide on applying for a banking licence. The LIC board will have to decide that first. Let the board decide, discuss and debate whether LIC should get into the banking business or not, R Gopalan, secretary, department of financial services, ministry of finance, said on the sidelines of a Ficci seminar on microfinance. With a market share of over 60% in the sector, LIC has subsidiaries operating in housing finance and mutual funds. FM Pranab Mukherjee said RBI will issue fresh banking licences to private companies and ...

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