The CPI(M) today strongly condemned the government's decision to allow insurance behemoth LIC to bailout the "worst defaulter" IDBI Bank, stating that the move was tantamount to "loot of public savings".
It asked the Centre to rescind the decision.
In a statement, the Left party said the Life insurance Corporation (LIC) was a repository of public savings in the form of insurance policies, and using this capital to bailout the "worst defaulter bank was tantamount to loot of people's savings.
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