LIC Housing Finance, a subsidiary of Life Insurance Corporation, may tie-up with a consultant to advise it on its proposed foray into banking business as it is interested in entering into the banking business and is working towards the same. LIC HF seeks for the final guidelines on banking license from the Reserve Bank of India (RBI).
According to the RBI draft norms, private sector entities or groups owned and controlled by Indian promoters with diversified ownership, which have a good track record for a minimum of 10 years, would be eligible to promote banks.
The company’s net profit after tax for the quarter has declined by 57.99% at Rs 98.39 crore as compared to Rs 234.21 crore for the September quarter of the previous fiscal. Its total income has increased by 36.83% at Rs 1515.37 crore for the Q2FY12 from Rs 1107.45 crore for Q2FY11.
