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LIC IPO: Govt to sell part of its holding in life insurance company, says Sitharaman

Budget 2020: The minister also said that the government will ensure a mechanism to address liquidity constraints of NBFCs and house finance corporations

twitter-logoBusinessToday.In | February 1, 2020 | Updated 13:19 IST
LIC IPO: Govt to sell part of its holding in life insurance company, says Sitharaman
Budget 2020: FM Sitharaman announced LIC IPO

Budget 2020: In her speech, Finance Minister Nirmala Sitharaman said that the government proposes to sell a part of its holding in LIC by initial public offering. The minister also said that the government will ensure a mechanism to address liquidity constraints of NBFCs and house finance corporations. "Govt to offer support by guaranteeing securities floated to provide liquidity for NBFCs," said the minister.

However, the minister did not reveal the percentage of holding that it would sell.

FULL COVERAGE:Union Budget 2020

She also said that the government will sell its stake in IDBI Bank to private investors. Amendment to the Banking Regulation Act to strengthen co-operative banks were also announced by the finance minister. Talking about co-op banks, the minister said that the deposit insurance cover for bank failure will be increased from the current Rs 1 lakh to Rs 5 lakh.

FM Sitharaman said that the government proposes to expand exchange traded fund by floating a debt ETF that will consist primarily of government securities.

"To address liquidity constraints of NBFCs and housing finance corporations, partial credit guarantee scheme to be launched by government," said the minister.

Also read: Budget 2020 Date: When is Union Budget, Expectations from Modi govt, Time, where to watch

Also read: Budget 2020: Watch Live Streaming on Aaj Tak, India Today, live telecast channels

Also read: LIC to be a listed company? If it does, it will be bigger than Reliance Industries, TCS

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