IRDA gives first-stage approval to SBI for its general ins biz
Insurance regulator, IRDA, said it has given first-stage approval to SBI for its general insurance venture. SBI has tied-up with Insurance Australia Group for its general insurance foray.
By PTI |
MUMBAI: Insurance regulator, IRDA, on Wednesday said it has given first-stage approval to SBI 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)," Insurance Regulatory and Development Authority (IRDA) Chairman, J Hari Narayan, said.
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.
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)," Insurance Regulatory and Development Authority (IRDA) Chairman, J Hari Narayan, said.
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.
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