Kotak suggests LIC listing at pre-budget meet

According to Uday Kotak, listing of LIC can fund all the needs of public sector banks as well as the fiscal deficit of the country

Uday Kotak, vice-chairman and managing director of Kotak Mahindra Bank said that the government should list LIC as it can be a “huge game changer” for the Indian financial system, according to various media reports. After a meeting with the Finance Minister Arun Jaitley on Tuesday, Uday Kotak suggested a big-ticket measure of listing LIC. According to Uday Kotak, listing of LIC can fund all the needs of public sector banks as well as the fiscal deficit of the country. He also said that the government should also reduce its stake in State Bank of India. Finance Minister Arun Jaitley met top bankers of the country in a pre-budget exercise. The bankers offered suggestions on issues ranging from need for savings boost to a better system for addressing NPAs.