Jammu & Kashmir Bank will give a final shape to its insurance and mutual fund ventures by the end of the month.
While the bank has already sought permission from the Reserve Bank of India and the Securities and Exchange Board of India for setting up a mutual fund arm, it will soon approach the RBI for setting up a life insurance venture.
Speaking to Business Standard, J&K Bank chairman and managing director M Y Khan said that the bank would sign the agreement in the next ten days but it would approach the RBI before the agreement was signed.
Khan said that permission from the RBI and the Sebi for the mutual fund business was sought last month.
The insurance venture will have an initial equity of Rs 100 crore with another Rs 250-300 crore to be pumped over the next two-three years.
He, however, refused to disclose the name of the partner or the stake that J&K Bank would hold in the insurance venture.
