SBI gets IRDA approval for non-life venture

By | December 26, 2009
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Public sector lender, State Bank of India, has received final approval for its general insurance subsidiary from the Insurance Regulatory Development Authority. State Bank of India has entered into  a joint venture with Australia-based Insurance Australia Group (IAG) to form SBI General Insurance.

According to a statement issued by IRDA, R3 approval has been given to SBI. R3 approval is the final approval required for starting an insurance company.

With the inclusion of SBI General Insurance, the total number of general insurers registered with IRDA has now gone up to 22.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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