 "Nirmala Sitharaman")
The Budget has a slew of steps for the financial sector, including listing on the stock exchanges of Life Insurance Corporation (LIC). And, a fivefold increase in insurance cover for bank depositors, to Rs 500,000 each.
The finance minister said the government now proposed to sell part of its 100 per cent holding in LIC, via Initial Public Offer. The overall disinvestment target that was specified would essentially come from this listing of LIC and stake sale in IDBI Bank, said Rajiv Kumar, finance secretary, at a post-speech press conference. There are three listed life insurance companies — HDFC Life, SBI
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