SBI to enter general insurance

New Delhi, Dec 7 (UNI) Admitting that State Bank of India has decided to enter general inusrance business, the government today informed the Lok Sabha that the state-owned bank has engaged Ernst&Young as consultants for the purpose.

Replying to a written question, Minister of State for Finance Pawan Kumar Bansal said the consultants, one of the world's leading professional services organisations, will assist the bank in drawing up a business plan, working out strategy, determining desirability of a joint venture partner, if any, and finding it besides helping obtain the bank in getting regulatory approvals.

But, the Minister said launching of the new business by SBI would depend on its business plan and obtaining regulatory and other necessary approvals.

UNI