No proposal to withdraw Govt guarantees to LIC: FM

New Delhi, Mar 10: The Government has no plan to withdraw its guarantees on 15 crore LIC policies under the Fiscal Responsibility and Budget Management (FRBM) Act, the Lok Sabha was informed today (Mar 10, 2006).

Minister of State for Finance Pawan Kumar Bansal made the clarification in reply to a question on a recent media report which said that the Government proposes to withdraw the guarantees.

FOREIGN BANKS

Replying to another question, Mr Bansal said the share of business of foreign banks fell to 5.4 per cent in March 2005, from 5.8 per cent in March 2004.

On the other hand, the share of public sector banks increased to 76.6 per cent in March 2005, from 76.2 per cent in March 2004.

While the PSU banks did a total business of Rs 22,90,524 crore, the foreign banks had a business of Rs 1,61,823 crore, the Minister said.

UNI