Insurance regulator Insurance Regulatory and Development Authority (IRDA) has given first-stage approval to State Bank of India (SBI) for its general insurance business.
SBI will start its general insurance business in collaboration with Insurance Australia Group.
IRDA Chairman J Hari Narayan told press, "We have given first-stage (R1) approval to SBI for the general insurance company. There are a total of three stages (of approvals)".
He informed that IRDA SBI will be granted full approval when it will apply for it.
Hari Narayan said, "The ball is in their (SBI) court. It is up to them -- when they apply for the remaining two stages".
SBI will be starting its general insurance joint venture in the fourth quarter of the current fiscal.
SBI, the public sector lender, is already having a life insurance joint venture with BNP Paribhas Assurance--SBI Life Insurance.
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