The rising bad loan level in the banking system did not deter Life Insurance Corporation of India (LIC), the country’s largest life insurer, from betting big on bank stocks in 2015-16.
The state-owned insurer raised its shareholding in many banks, including Allahabad Bank, Axis Bank, Bank of Baroda, Canara Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Oriental Bank of Commerce, and Punjab National Bank during the last financial year.
