LIC's move to increase stake in PSBs higher than 10% irks IRDA

Lending a helping hand to the government in recapitalising public sector banks may have brought Life Insurance Corporation (LIC) of India in the good books of the finance ministry, but the move has irked the Insurance Regulatory and Development Authority (Irda). The insurance regulator is opposed to LIC’s decision to increase its stake in state-run banks to more than the regulatory cap of 10 per cent. It has asked the country’s largest life insurer to give the details of its shareholding in companies


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