LIC is confident of getting access to RBI’s loan database: Chairman – Dainik Savera Times
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Mumbai: Life Insurance Corporation of India (LIC) Chairman Siddharth Mohanty said on Thursday that the insurance company is actively discussing access to the Reserve Bank of India’s loan database CRLIC and is confident of getting the access. It is an irony that despite being the largest investor in the loan segment, we do not have access to our loans or the national credit database Krilik, Mohanty said at an event organized by State Bank of India here. We are in active discussions with the regulator for this and are confident of getting that access.
CRLIC, a central repository of information related to large loans, is operated by the RBI and is used to assess the credit risk of non-performing borrowers and other debtors on behalf of various lenders. Most of the debt investments of public sector life insurance company LIC are in debt securities of central and state governments. The LIC chairman said RBI not having access to CRLIC data is a risk for the insurer as its liabilities are long-term while assets are short-term.
He said that not having access to Krilik tilts the balance negatively towards LIC. However, he expressed hope that the central bank will grant this much-needed access to this database. LIC’s discussions with RBI in this regard have been smooth and positive so far. When asked about the risks associated with non-government securities and state bonds, he told PTI that LIC has investments of more than Rs 3 lakh crore in corporate debt. The equity investment of the insurance company is more than Rs 10.5 lakh crore while the total investment is more than Rs 45 lakh crore.
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