Insurance foray: SBI to decide on foreign partner shortly

By Our Special Correspondent

THIRUVANANTHAPURAM, NOV. 25. The Chairman of State Bank of India, Mr. Janki Ballabh, today said the foreign partner to associate with the bank's proposed foray into the insurance sector would be decided within two weeks.

Responding to a question at a press conference convened in connection with the opening of SBI's Circle Office here today, he said the bank also hoped to take a final view on the proposal to introduce a voluntary retirement scheme for its employees within a month.

To another question, Mr. Ballabh said details of the information technology project of the bank was not yet finalised. The bank was working on it. (The involvement of a foreign partner is envisaged in this project also).

He said the India Millennium Deposit scheme of the bank, which reached closure on November 6, had been a resounding success, with the bank mobilising $5.5 billion (Rs. 26,000 crores) worth of foreign currency deposits. More than 60 per cent of these deposits had come from the non-resident Indians in the Gulf region. ``Though I do not have the exact break-up with me, I can say that a bulk of the contribution had come from Keralites in the Gulf,'' he said.

Mr. Ballabh said the new Circle Office for Kerala, opened here today, would help the bank give focussed attention to the banking needs of the State, where SBI had 228 branches. Formerly the Kerala region was under the Chennai circle of the bank.

``We will be participating in a bigger way in the development process in the State. You can be sure of that,'' he added.

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Section  : Business
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