State Bank of India receives insurance regulator's nod

SBI partners with Insurance Australia Group to open SBI General Insurance.

SBI General Insurance is a 74-26 joint venture in which SBI holds 74 percent and IAG International Pty Ltd, a subsidiary of Insurance Australia Group, holds 26 percent. IAG has paid Rs 542.10 crore ($115.72 million) to acquire the stake in SBI General Insurance.

IRDA revealed that the R3 approval, final approval for starting an insurance company, had been granted to SBI, according to Rupee Times.

SBI Life, a joint venture between SBI and BNP Paribas assurance has been very successful.

SBI enjoys the largest branch network in the country. The number of branches of SBI and its associates is close to 16,000. SBI general Insurance would be able to add to that.

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