Bengaluru, Feb 1 (IANS) The Karnataka unit of the opposition Congress on Saturday slammed the NDA government for the proposed selling of its equity stake in the state-run Life Insurance Corporation of India (LIC).

"Another blunder of the (NDA) government is the announcement of selling stake in LIC. This is again a bid to privatise LIC and open it to private parties, putting people's deposits in danger," tweeted the party's state unit here.

Presenting the Union Budget for fiscal 2020-21 in the Lok Sabha, Union Finance Minister Nirmala Sitharaman said that the government proposed to sell a part of its holding in LIC through the initial public offer (IPO)."

"The government is hell bent on selling the country to their capitalist friends from railways to LIC India," alleged the party in the tweet.

The minister, however, did not disclose the details of the LIC going public.

The central government owns the entire 100 per cent equity in LIC, which was established in the year 1956 by an Act of Parliament.