Oriental Bank plans to raise Rs 170 crore from LIC

State-run lender Oriental Bank of Commerce (OBC) is planning to raise Rs 170 crore capital by issuing 20 million shares to Life Insurance Corporation of India (LIC) after the approval from the extraordinary general meeting (EGM) slated on March 29. The bank had earlier announced that it has approached the Government of India and LIC for infusion of equity capital through preferential allotment.

Oriental bank of Commerce offers a wide range of services in the Personal Banking, NRI services, Loan, Deposit Schemes and Financial services etc.