[Marxistindia] Stop misuse of LIC

[news from the cpi(m)]

June 30, 2018

Press Statement

 

The Polit Bureau of the Communist Party of India (Marxist) has issued the
following statement:

 

Stop Misuse of LIC

 

The Polit Bureau of the CPI(M) expresses its strong condemnation of this BJP
government's decision of asking the Life Insurance Corporation (LIC) to
bailout the worst NPA defaulter bank, the IDBI.  

 

LIC is the repository of people's savings in the form of insurance policies.
Using this capital to bailout the worst defaulter bank is tantamount to
public loot of people's savings.  The names of the rich defaulters are kept
as a secret by the Modi government. Instead of recovering the loans from the
defaulters, they are being bailed out by people's savings deposited in
insurance policies.

 

The LIC is investing Rs. 13,000 crores for this takeover.  This amount
should have been invested to give the policy holders a better return.
Instead, it is being used to bailout the defaulters.  This is crony
capitalism of the worst kind.  The rich can loot  and scoot but the common
Indian will pay back their loans from their savings.

 

Further, the LIC is not mandated to enter the banking business.  This Modi
government is forcing a sudden change in the rules.  The regulatory
mechanism is being destroyed by this government to protect the rich
defaulters from repaying their loans.  

 

The Polit Bureau demands that the government should rescind this decision. 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://cpim.org/pipermail/marxistindia_cpim.org/attachments/20180630/480e25eb/attachment.html>