Section 34(1) in Life Insurance Corporation of India (Staff) Regulations, 1960
(1)No employee shall, except with the previous sanction of the competent authority, lend money to any person possessing land or valuable property within the local limits of his authority, or on interest to any person.Provided that an employee may make an advance of pay to a private servant or give a loan of small amount free of interest to a personal friend or relative, even if such person possesses land within the local limits of his authority.
