The country’s largest lender, State Bank of India (SBI), said on Monday it is likely to start its general insurance business by March next year.
“We hope to start general insurance operations before the end of the current fiscal. We already have got stage one approval from from Insurance Regulatory and Development Authority (Irda),” SBI Chairman O P Bhatt told reporters here.
The bank has also got RBI nod for the business, he said, adding that the proposed venture would apply for the second stage of approval Irda shortly. The general insurance venture promoted by SBI and Insurance Australia Group (IAG) of Australia has started recruitment of top level management for the company.
SBI holds a 74 per cent stake in the joint venture with IAG the remaining 26 per cent.
The bank is present in life insurance space with BNP Paribas Assurance. SBI Life, as per the Irda data, ranks first amongst private life insurance companies in terms of new business premium collection.
