The country’s third-largest public sector lender, Bank of Baroda (BoB), today said its life insurance venture with UK-based Legal and General Group was expected to commence operations by the end of March next year. “We expect to get the necessary regulatory approvals by the end of this fiscal,” Bank of Baroda Chairman and Managing Director MD Mallya said.
The proposed life insurance joint venture, which was expected to underwrite its first policy by March next year, was currently seeking R1 (initial regulatory clearance) approval, he said.