SBI looking to finalise listing of insurance arm in 12-18 months

SBI looking to finalise listing of insurance arm in 12-18 months State Bank of India (SBI) is looking to finalise the listing of its arm, SBI Life Insurance. Chairman Arundhati Bhattacharya said by the end of the financial year, their foreign partner BNP Cardif will decide on increasing stake in the life insurance joint venture.
Arundhati Bhattacharya (more) Chairman, SBI | Moneycontrol Bureau State Bank of India (SBI) is looking to finalise the listing of SBI Life Insurance in the next 12-18 months. Chairman Arundhati Bhattacharya said by the end of the financial year, their foreign partner BNP Cardif will decide on increasing stake in the life insurance joint venture. Speaking at the launch of the Central Processing Centre, Bhattacharya said there has not been any major impact on the business post demonetisation. "There has been very little impact. Our agency channel continues to perform well," she said. She added currently only 30 percent branches are active in terms of selling insurance products and the aim is to increase this number. While the insurance regulator has allowed banks to sell insurance products of up to three insurers each in life, non-life and standalone health insurance, SBI is not in a hurry to tie up with other insurers. "We will have to be sure what they are selling and training is an expensive activity. Initially, we will probably see if we can do this (offering other insurer's products) through our wealth management initiative," she added. With respect to the recent Reserve Bank of India directive on deposit of notes in excess of Rs 5000, she said that it is important for them to get a certain information technology system in place to identify who has deposited how much. She added that work on IT system is taking some time and that it will be up and running in a day or two. However, with respect to making India cashless, she said that there should be a system of incentives and disincentives to ensure that people don't go back to their old ways once cash is back in the system. There were several reports of employees of some banks endulging in alleged money laundering activities. Bhattacharya said that while some people are engaging in fraud, it is incorrect to paint everyone with the same brush.
Source - Money Control.

Follow by Email