Centre took ₹10.5-lakh crore from LIC’s deposits, alleges Congress

Our Bureau New Delhi | Updated on September 18, 2019 Published on September 18, 2019

Former Minister and senior Congress leader Ajay Maken

The Congress has accused the Centre of putting the LIC in crisis by using policy holder’s money to save IDBI Bank. Party spokesperson and senior leader Ajay Maken told reporters here on Wednesday that the ₹21,000 crore that the LIC invested has been wiped off because the IDBI had many debts and non-performing assets.

Maken said the RBI’s reserve have been taken away forcefully by the Centre. “It has now come to light that the government has taken ₹10.5-lakh crore from LIC’s deposits, where people like you and I deposit, and is investing in banks,” he said. Maken added that the RBI’s statistical handbook of Indian economy has some shocking revelations. “Cumulative investment in the risky public sector by LIC from 1956-2014 is ₹11.94-lakh crore, while from 2015 to 2019 it touched ₹22.64-lakh crore, almost double or an increase of ₹10.7-lakh crore,” he said.

The former Sports Minister said that in 2018 LIC invested ₹21,000 crore in IDBI bank and its share increased to 51 per cent. “The entire money has been wiped off because the IDBI had a lot of debts and NPAs. In the beginning of this month, the Union Cabinet again decided to invest another ₹9,300 in IDBI, of which, ₹4743 crore alone is from LIC,” he said. He said the BJP government’s fiscal management capabilities have been very poor. “The household financial liabilities have doubled in the last five years. In 2012-2013, it was ₹3.30-lakh crore, while in 2017-2018 it rose to ₹7.41-lakh crore, an increase of ₹4.11 lakh crore. More than double,” he said.

Attacks BSP

Maken countered BSP chief Mayawati who alleged that the Congress is encouraging communal forces in the country. “The Congress has played the role of a strong opposition in all States against the BJP. It is the Congress which never shook hands with communal forces. It is Rahul Gandhi who took Narendra Modi head-on in Parliament to the extent that some people suggested that his criticism looked like a personal attack on Modi,” Maken said.

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Published on September 18, 2019
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