SBI General Insurance to start operations next month | business | Hindustan Times
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SBI General Insurance to start operations next month

The State Bank today said its proposed general insurance venture, SBI General Insurance Company, a joint venture with the Insurance Australia Group will commence operations from next month.

business Updated: Mar 14, 2010 01:30 IST

The State Bank today said its proposed general insurance venture, SBI General Insurance Company, a joint venture with the Insurance Australia Group will commence operations from next month.

"The operations of our general insurance business in joint venture with the Insurance Australia Group will start from April and we will have pan-India presence soon," SBI chairman OP Bhatt said here today.

SBI holds 74 per cent stake in the joint venture, and the remaining is with IAG, he said adding the bank wants to make it one of the top three players within a decade.

On the banking business, Bhatt said the SBI Group will focus more be on mobile banking from now. Towards this end, the bank would be launching a campaign to make customers aware of mobile banking services, he added.

He said by successfully leveraging technology, the bank has been able to reach out to 1,30,000 registered users of mobile banking with daily transactions touching 10,000.

He further said SBI will be the only bank to open 1,000 branches this fiscal, out of which 516 are in rural and semi-urban areas and 180 in the minority concentration districts have already been opened. With this group has 17,700 branches servicing over 267 million customers.

Bhatt said bank has about 4 million retail and corporate customers who use online banking, and these transactions amount to Rs 440 billion a month, while its ATMs dispense Rs 330 billion a month. The bank has over 66 million debit cardholders currently.