Letter to BS: LIC lost money in 18 out of 21 public sector bank shares

If LIC is allowed to function independently and professionally, it could emerge as the proverbial golden goose

Apropos the timely editorial, “In RBI’s Court” (July 3), you have rightly driven the point that the Life Insurance Corporation’s (LIC) takeover of the sick IDBI Bank is indeed a retrograde and regressive move which will boomerang on the insurance company sooner than later.

Already, LIC has lost money in 18 out of the 21 public sector bank shares according to a report in the columns of your newspaper on July 2. This is not at all a shock or surprise for those who have been tracking the economy for quite sometime. LIC, being a major player in the life insurance