Internal probe yet to find any wrongdoing: LIC

RAGHUNATHGANJ - 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.