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As on: Feb 24, 2019 11:37 AM
LIC pays Rs 24 billion as dividend to the government
30-Nov-18   18:07 Hrs IST

LIC Chairman V.K. Sharma on Friday handed over a cheque of Rs 24.3 billion as dividend for financial year 2017-18 to Finance Minister Arun Jaitley.

Sharma said that state-owned Life Insurance Corporation (LIC) recorded a surplus of Rs 484.44 billion during the last fiscal 2017-18.

He said that LIC would also infuse Rs 150-200 billion into the loss-making IDBI Bank struggling with accumulated bad loans.

LIC received cabinet approval earlier this year to buy 51 per cent stake in state-run IDBI, which will make the government a minority shareholder in the bank.