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LIC listing may take about a year, says Finance Secretary Rajiv Kumar Kumar said the idea behind the listing of LIC was to “bring in more transparency and allow the company to share gains with its stakeholders” Current Affairs :The posting of Life Insurance Corporation (LIC) will probably take around one year and the administration isn’t happy to sell more than 10 percent stake in the protection behemoth. “We are as of now in contact with the Department of Investment and Public Asset Management (Dipam) to see all the procedures in question. The LIC Act should be altered. It’s unrealistic to do it in a half year and may take around one year,” Finance Secretary Rajiv Kumar said in a media collaboration on Sunday. Kumar said the thought behind the posting of LIC was to “get more straightforwardness and permit the organization to impart additions to its partners”. “It is significant as it will get the divulgence standards,” he said. The sovereign assurance for all arrangem...

Govt in process of approving Rs 20,000-crore lifeline to fund-starved NBFCs The budget had proposed a partial credit guarantee scheme worth Rs 1 trillion under which public sector banks would buy high-rated pooled assets of financially sound NBFCs Current Affairs :Money Secretary Rajiv Kumar on Monday said that the administration is authorizing Rs 20,000 crore to the reserve starved NBFCs under the incomplete credit ensure conspire declared in the spending limit. “We have supporting authorizations of over Rs 20,000 crore and the assurance is being expanded,” Kumar told correspondents uninvolved of the 101st establishment day of state-run Union Bank of India here. He said a portion of the conventions are being worked now post which the plan will get this show on the road. Kumar said banks have been purchasing pooled resources since August a year ago after defaults by IL&FS started. He said since the previous five years, the administration has been tidying up the balan...