Modi government misusing LIC funds: Congress

The Congress has levelled serious charges against the Union Government alleging that it was misusing public funds kept in various financial schemes of the Life Insurance Corporation (LIC)

New Delhi: The Congress on Wednesday alleged that Narendra Modi government was misusing the LIC funds and said it was a matter of concern.

"There's no past record of the way the government has misused LIC funds for the past two years," Congress leader Ajay Maken told reporters in a press conference here.

Maken alleged that in 2018, LIC increased its shares by 51 percent by infusing Rs 21,000 crore in IDBI. This month again the Union Cabinet approved infusion of Rs 9,300 crore and despite all this, the IDBI posted a loss of Rs 3,800 crore in June this year, he added.

He alleged that the government invested most of the funds taken from it into private companies.

"It's a serious matter and we have been cautioning the government over the issue," he said, adding that the Congress wants to inform people of the country through media about how their money was being misused.