Partial divestment in LIC on the anvil

Under Budget 2020, the government has announced its intention to sell partial stake in LIC through an initial public offer as part of its disinvestment drive. The FM also proposed that will the government will sell its stake in IDBI Bank to private investors and also amend the Banking Regulation Act to strengthen co-op banks. One of the few PSUs that are profitable, LIC has assets of around Rs 30 trillion and is the largest financial institution in India. Around 10% LIC stake is expected to fetch the government Rs 80,000-90,000 crore.