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LIC earned Rs 6,542 cr profit from Stock Market...

New Delhi: Country's largest insurer, Life Insurance Corporation, earned Rs 6,542.72 crore profit from investments in stock market in the first seven months of the current fiscal, Parliament was informed today.

LIC had invested Rs 21,294.80 crore in the equity market during April-October period of 2011, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

In 2010-11, LIC invested Rs 43,213.60 crore in the stock market against Rs 61,398.13 crore in 2009-10.

The profit booked from the investments in equity market stood at Rs 17,055.36 crore in the last fiscal as compared to Rs 9,432.25 crore in 2009-10, Meena said.

RBI: The Reserve Bank of India has reported that certain irregularities in the restructuring of loans have been observed in different categories of restructured loans such as agriculture loans, small borrowers and other category of borrowers in some public sector banks.

"In few cases, restructuring was done without conducting any viability study with regard to various financial and business aspects," Meena said.

Repeated restructuring was undertaken in certain cases, he said, adding that irregular upgradation of restructured accounts were also done in some cases.

He also said that RBI, during the second quarter Review of Monetary Policy of 2011-12, on October 25, 2011, had proposed constituting a working group to review the existing prudential guidelines on restructuring of advances by banks or financial institutions.

It proposed the group suggest revisions taking into account the best international practices and accounting standards.

Credit Cards: Credit card related complaints are generally received from the customers on the grounds of non-adherence of banks or its subsidiaries to the instruction of Reserve Bank on credit card operations, Meena said.

During July-November 2011, as many as 5,554 complaints were received by the office of the Banking Ombudsman relating to credit card operations of scheduled commercial banks, he said.

During 2010-11, 11,800 complaints were received by the Banking Ombudsman relating to credit card operations of scheduled commercial banks.

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