State Bank of India will apply for permission to set up a non-life insurance company even as it is preparing to shortly launch its infotech venture. SBI chairman, AK Purwar, told TOI that the bank had gained considerable experience while marketing the general insurance products of New India Assurance Company.

“A viability study for starting SBI’s own non-life insurance company was undertaken and it was found that there is a good potential in this area. So, the bank is now planning to approach the government and the Reserve Bank of India (RBI) for permission to float a general insurance company,” he added. SBI already has a life insurance subsidiary which figures amongst the top five players in the private sector.

SBI to foray into non-life insurance, infotech

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