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Govt says net NPAs of LIC at Rs 1,283 crore as of Sep 30

The net non-performing assets of Life Insurance Corp of India stood at 12.83 bln rupees at the end of September, Minister of State for Finance Anurag Thakur said.

Thakur was replying to a question on "NPAs of LIC" in Rajya Sabha.

"As reported by Life Insurance Corporation of India (LIC), its net Non-performing Assets (NPAs) stood at 12.83 bln rupees (0.43% of its total lending) on 30.09.19 and 30.13 bln rupees (1.06% % of its total lending) on 31.03.14 with Power, Housing and Telecom sectors contributing to majority of NPAs," he said.

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The audited net non-performing assets figures for the quarter ended December are still awaited.

The response holds relevance in the wake of the government announcing partial divestment of its stake in the company.

"The government now proposes to sell a part of its holding in LIC by way of Initial Public Offer," Finance Minister Nirmala Sitharaman had said in her Budget speech.