Bank has received approvals from RBI and Insurance Regulatory and Development Authority
State Bank of India (SBI) has announced that it is likely to commence its general insurance business by March next year – reported Business Standard.
The bank has received the approval of Reserve Bank of India for the business. 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% stake in the joint venture with IAG, while the remaining 26% stake is held by IAG. The bank is present in life insurance space with BNP Paribas Assurance, quoted the magazine.
O P Bhatt, chairman of SBI, said: “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).”