Life Insurance Corporation of India (LIC), the largest insurer of the country has announced that it has increased its stake holding in India's major public sector lender, State Bank of India.

The company stated in a communiqué that it has bought 0.03% more stake in the bank and increased its stake to 10.02 per cent.

According to sources, the company has purchased 1, 90,000 shares through an open market transaction.

With this latest transaction, LIC has increased its pre-existing holding of 9.99 per cent to10.02 per cent.