Internal probe yet to find any wrongdoing: LIC
February 6th, 2011 - 12:41 am ICT by IANS
Raghunathganj (West Bengal), Feb 5 (IANS) The Life Insurance Corporation (LIC) Saturday said an internal probe body has so far found no wrong-doing in its housing arm.Speaking to reporters on the sidelines of a programme here in Murshidabad district, LIC chairman T.S. Vijayan refused to comment on whether the committee has already submitted its report.
“I cannot comment on the status of the committee, but we have not found anything wrong so far”.
LIC had set up the high-level panel comprising three executive-director rank officers to look into the systems and procedures of LIC investments and recommend corrective steps, if needed, after the recent arrests of some top LIC and LIC Housing officials by the Central Bureau of Investigation (CBI) for their alleged involvement in an alleged bribe for loan scam.
Vijayan said the company was aiming for a total premium collection of Rs.2,00,000 crore this fiscal, as the alleged scam has had no effect on its business.
“We are aiming for a total premium income in excess of Rs.2,00,000 crore for the current fiscal with first premium income of Rs.54,000 crore. We hope to grow about 16-17 percent next year and there is no impact of the scam.”
Asked whether the company was considering offloading its share in Corporation Bank, Vijayan said: “We have equity in many banks. These are our financial investments. We are guided by the dividends and on the companies’ showings”.
Vijayan was here to attend the launch of the LIC-Aadhar Unique Identification cards alongside union Finance Minister Pranab Mukherjee.
- LIC expects Rs.176,000 crore premium income this fiscal - Mar 07, 2010
- LIC will invest Rs 50,000 cr in FY'10 - Jun 24, 2009
- LIC expects to better budgeted growth target - Feb 02, 2011
- Mukherjee's budget promises tax relief, subsidy cut, reforms (Fourth Lead) - Mar 16, 2012
- LIC Housing Finance profit up 37 percent in Q2 - Oct 14, 2010
- United India targets Rs.8,000 crore premium income - May 03, 2011
- LIC ties up with regional bank for rural reach - Oct 29, 2011
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- United India to cross Rs.8,000 crore premium - Feb 14, 2012
- UBI to raise Rs.3.1 bn via preferential allotment - Mar 19, 2012
- CEO's arrest may hit future plans of LIC Housing Finance - Nov 25, 2010
- Apollo Munich Health eyes premium income of Rs.210 cr - Dec 14, 2010
- Life Insurance Corp eyeing 20 percent premium growth - Jun 23, 2009
- Mukherjee puts money in one pocket, takes out from others (Roundup) - Mar 16, 2012
- Chola MS General targets Rs.1,400 crore premium in 2011-12 - Jun 02, 2011
Tags: bribe, cbi, central bureau of investigation, corrective steps, district lic, dividends, financial investments, first premium, internal probe, launch, life insurance corporation, loan scam, pranab mukherjee, rs 2, showings, sidelines, union finance minister, vijayan, west bengal, wrongdoing