Life Insurance Corporation of India (LIC) has reduced its holding in State Bank of India (SBI). During the March quarter, the insurer has reduced its holding in the Bank to 70.31 crore from 75.87 crore in the December quarter. This was despite the marginal increase in exposure by institutions on the stock in January-March.
The stake held by MFsat the end of the quarter increased to 8.42 per cent from 8.12 per cent and FIIs to 9.48 per cent from 9.40 per cent. However, the holding by insurance companies fell to 9.94 per cent.
SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc.