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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