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The value of new business (VNB) of the insurer increased by 4.66 percent to Rs 9,583 crore and VNB margin increased by 60 bps to 16.8 percent.
LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told
The government and Life Insurance Corporation, together, hold 94.71 percent stake in the bank.
Mohanty, who is one of the four managing directors at LIC, was already named as interim chairman in March for three months.
Siddhartha Mohanty is currently serving as the interim chairperson of LIC for a period of three months, along with discharging his responsibilities as managing director (MD) of the corporation.
The life insurance company said that MR Kumar, the LIC's current chairman, has not been given an extended term.
The new decision will be effective from the date of assumption of the charge of post or after February 1, 2021.
The CLSS is part of the 2015, scheme for urban poor to help build a home under the PM Awas Yojana, envisaging affordable housing for all by 2022.
