Manipal-based public sector lender Syndicate Bank has decided to diversify into insurance business by forming a joint venture with a large insurer. It has shortlisted the company and waiting for the approval from Reserve Bank of India and the Insurance Regulatory and Development Authority.
At present, the bank has a small presence in the banc assurance sector with a tie-up with the General Insurance Company for general insurance products such as vehicle and accident insurance. It has a tie-up with Tata AIG for group life insurance to housing loan customers.
