The involvement of LIC Housing and a few other nationalised banks in the recent real estate scam points the finger at a few top officials of these pubic sector undertakings (PSUs). But this is the tip of the iceberg. PSUs must set an example for the private sector by maintaining integrity of the highest order. LIC Housing funds are augmented by interest income and other processing fees charged on lower- and middle-salaried earners. “Bribe” is construed, if proved right, to fall within the definition of maladministration and defalcation of LIC Housing’s corpus of funds. To this extent, the government has to revamp and revitalise the faith the public has lost in LIC. Or else, the aam aadmi may dub LIC “Looting Innocent Community”.
Ashok Jayram, Bangalore