SBI gets final nod for non-life venture

State Bank of India (SBI) today received final approval for its general insurance subsidiary from the regulator IRDA. State Bank of India has formed a joint venture with Australia-based Insurance Australia Group (IAG) to form SBI General Insurance.

The R3 approval (final approval required for starting an insurance company) was given to SBI today, IRDA said. With this, the total number of general insurers registered with IRDA has gone up to 22.

Source - economictimes.com

Good to hear that in the recession companies are expending their horizon. Looking forward for some good products from them.