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LIC To Hire Retired Bankers To Strengthen Lending Operations

By Religare

Insurance major, LIC has said that it will soon obtain services of retired bankers to strengthen its lending operations and ensure that NPAs are kept at the minimum.

LIC To Hire Retired Bankers To Strengthen Lending Operations
As per reports, LIC has set up a cell for its lending, NPA resolution and one-time settlement (OTS), and the company will soon get experts particularly bankers to this portfolio.

Commenting on the issue, a senior Official said, "LIC has been into the business of insurance but they don't have expertise on loan risk assessment and resolution."

"A standard operating procedure has also been worked out for repayment through one-time settlement scheme," he added.

As per reports, at the end of March 2016, LIC had a debt portfolio of Rs 3.79 lakh crore, bigger than the loan portfolio of most banks. Its gross non-performing assets stood at 3.76 per cent at the end of March 2016, up from 3.30 per cent in the previous year.

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