State Bank of India (SBI) has got first-stage approval from insurance regulator Insurance Regulatory and Development Authority (IRDA) for its general insurance venture.
SBI has tied-up with Insurance Australia Group for its general insurance foray.
"We have given first-stage (R1) approval to SBI for the general insurance company. There are a total of three stages (of approvals)," IRDA Chairman J Hari Narayan told PTI here.
IRDA would give complete approval to SBI as and when it would apply, he said.
"The ball is in their (SBI) court. It is up to them -- when they apply for the remaining two stages," Hari Narayan said.
The general insurance joint venture of SBI is likely to start operations in the fourth quarter of the current fiscal.
The public sector lender, SBI, also has a life insurance joint venture with BNP Paribhas Assurance--SBI Life Insurance.
