We as citizens of India have been hearing this name LIC from the time we were born.
It is known that LIC has been in existence since 1957 in the Life Insurance business insuring millions.It is after 40 years of thorough breed in this business ,did they venture into housing finance.Right from the time LIC has been in the Insurance business,it has been viewed a mass brand and a Public Sector (adding more than a reason for the "aam aadmi" to be brand loyal).
It looks like LIC Housing Finance,may not enjoy the safe and secure brand image anymore.The issue here is officials of LIC and few others have been accused of giving loans to companies in return for monetary benefits from a city based financial services company.What state of affairs..!!Markets have been falling reflecting this sentiment,offering investors an amazing entry point.
Like what Ratan Tata had to say recently.When Obama visits India,we put India on the world map and boast of growth and systemic brilliance.The very next week we have a series of Scams.Starting with Adarsh housing upto the latest Housing Scam.
LIC's latest advertisement on TV says "Why go anywhere else".If scams dent the image of institutions like the LIC,the aam aadmi might reconsider and rethink ""Why not go anywhere else".
MM
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