State Bank Of India

State Bank of India (SBI), the country’s largest public sector bank has received an approval to dilute up to 5% stake of SBI in SBI Life Insurance to a non-promoter entity. The Executive Committee of the Central Board (ECCB) at its meeting held on October 14, 2016 has approved for the same.

SBI Life Insurance is  a joint venture between SBI and BNP Paribas Cardiff. The bank owns 74 percent in the life insurer and the stake sale could fetch the bank as much as Rs 1,950 crore. SBI Life’s total assets under management (AUMs) grew by 12% to Rs79828 crore as on March 31, 2016 from Rs 71,339 crore in the previous year.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc.