India-based Punjab National Bank (PNB) has planned to enter into life and non-life insurance business in India.

PNB has appointed The Boston Consulting Group as their consultants to support its foray into insurance business.

The bank has invited expressions of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies interested.

The bank said that it is open to any operating model whether existing in the industry or new for strategic partnerships and looking for opportunities both in short term and long term.

PNB is one of the nationalised banks in India with over 60 million customers and 5,002 offices including few overseas branches.