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SBI to invest 
1,000 crore for General Insurance
New Delhi: State Bank of India (SBI) is planning to invest 
500 crore - 1,000 crore in the general insurance business in synergy with Insurance Australia Group, reports Business Standard.
On the occasion, O P Bhatt, Chairman of SBI said, "The bank would keep the 74 percent stake while 24 percent would be kept with the private partner. The entity would be named as the SBI General Insurance. We will make a soft launch with some products later this month and a complete rollout will be done in the next year."
He also said that since they need complete infrastructure for launch the entire basket of products, they would wait for the complete network to come in place before the final launch. In the beginning they can take the help of agents to deal with the retail consumers in the market.
Currently the bank offers mobile banking to over 200,000 customers and is in a process to strengthen its software to extend mobile banking to a larger number of customers.
500 crore - 1,000 crore in the general insurance business in synergy with Insurance Australia Group, reports Business Standard.On the occasion, O P Bhatt, Chairman of SBI said, "The bank would keep the 74 percent stake while 24 percent would be kept with the private partner. The entity would be named as the SBI General Insurance. We will make a soft launch with some products later this month and a complete rollout will be done in the next year."
He also said that since they need complete infrastructure for launch the entire basket of products, they would wait for the complete network to come in place before the final launch. In the beginning they can take the help of agents to deal with the retail consumers in the market.
Currently the bank offers mobile banking to over 200,000 customers and is in a process to strengthen its software to extend mobile banking to a larger number of customers.
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