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The country's largest lender, State Bank of India, today said it is likely to start its general insurance business by March next year.
"We hope to start general insurance operations before the end of the current fiscal. We already have got stage one approval from IRDA," SBI Chairman O P Bhatt told reporters in New Delhi.
The bank has also got Reserve Bank of India clearance for the business, he said, adding that the proposed venture would apply for the second stage of approval from IRDA shortly.
The general insurance venture promoted by SBI and Insurance Australia Group (IAG) of Australia has started recruitment of top level management for the company.
SBI holds a 74 per cent stake in the joint venture with IAG the remaining 26 per cent.
The bank is present in life insurance space with BNP Paribas Assurance. SBI Life, as per the IRDA data, ranks first amongst private life insurance companies in terms of new business premium collection.
On the loan growth, Bhatt said that home and auto loan disbursement have grown more than double in the April-June quarter.
Disbursal to the agriculture sector has been much higher, he added.
In a bid to further consolidate position in the retail loan segment, SBI recently launched a three-month-long home loan campaign, called SBI My Home Campaign, which will offer loans at attractive interest rates and zero processing fee to home buyers during the forthcoming festival season.