Union Govt plans to raise funds through LIC IPO

Finance Minister of India proposed to sell a part of its holding in largest insurer LIC via initial public offer (IPO). She also proposed to sell the government’s remaining stake in IDBI Bank. The government set a divestment target of Rs 2.1 lakh crore for FY21 compared with Rs 1.05 lakh crore target for the ongoing financial year. The target came far above analyst estimates of Rs 1 lakh crore.

Daily Current Affairs Quiz 2020

Life Insurance Corporation of India is an Indian state-owned insurance group and investment corporation owned by the Government of India. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India.