SBI General Insurance, SBI Mutual Fund under consideration for listing: Official
Setty made the remarks during the launch of specialised health insurance branches of SBI General Insurance in Telangana and Andhra Pradesh.
Hyderabad, Aug 9 (PTI) SBI Chairman C S Setty on Saturday said SBI General Insurance and SBI Mutual Fund are under consideration for public listing, though no specific timeline has been finalised.
Responding to questions about the initial public offering (IPO) plans for SBI General Insurance, Setty said no fixed schedule has been set.
On the impact of US tariffs, Setty said the direct effect on Indian exports is limited due to their geographic and sectoral diversification.
However, sectors such as chemicals, textiles, gems, and jewellery, which mainly export to the US, could face challenges, he added.
He further said that the banking sector's exposure to these industries is limited. The central government is working to support the directly affected sectors if the tariff issue persists, with banks stepping in if necessary, he added.
Setty expressed confidence that the tariff-related issues would be resolved soon. 'The more important thing is that this uncertainty surrounding tariffs should be addressed at the earliest,' he said.
On bancassurance reforms, he said the focus is to ensure customers are not sold unsuitable products. 'Regulators, policymakers, banks, and insurance companies are working to make the right products available and improve insurance penetration,' he added.
Speaking on recruitment, Setty said SBI has consistently hired staff for over a decade and will continue to do so.
The health insurance branches launched by SBI General Insurance in Andhra Pradesh and Telangana are the 'first of their kind', with plans for nationwide expansion, according to an SBI General Insurance statement.
The strategic expansion is part of the company's broader mission to strengthen its presence in underserved markets, increasing accessibility to health insurance solutions for millions of individuals and households, it said.
Referring to SBI's slogan, 'banker to every Indian,' Setty said his ambition is for SBI General Insurance to become the 'health insurer for every Indian, to the extent possible.' PTI SJR VVK SJR SSK
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
DDUGU hosts nat'l meet to mark 5 years of NEP
Gorakhpur: Marking the fifth anniversary of the National Education Policy (NEP) 2020, Deen Dayal Upadhyay Gorakhpur University (DDUGU), in collaboration with Akhil Bharatiya Vidyarthi Parishad (ABVP), organised a one-day national workshop on 'NEP 2020: Resolutions, Efforts, and Challenges' at Shri Gorakhnath Research Centre on Sunday. The event brought together vice-chancellors of eight universities, directors of two research institutes, and around 200 delegates from across the country. The workshop, conducted in four sessions, aimed to clear doubts among students and teachers, address implementation challenges, and outline strategies for achieving the policy's objectives. In a significant outcome, Gorakhpur University signed MoUs with Ram Manohar Lohia Avadh University, Acharya Narendra Dev University of Agriculture and Technology, Maa Vindhyavasini University, and Jagadguru Rambhadracharya Divyang State University. Highlighting Gorakhpur's historical association with the policy, ABVP national president Prof Rajsharan Shahi said, "The 32-page dissent note by Mahant Digvijaynath on the then education policy draft laid the foundation of today's NEP — a policy rooted in the Indian mind and proud of its identity." DDUGU Vice-Chancellor Prof Poonam Tandon said Uttar Pradesh was the first state to adopt the NEP after 2020, despite Covid pandemic. "The positive outcomes are visible, and we will continue leading its implementation," she said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
The Print
20 minutes ago
- The Print
After Norway study, Delhi's Holambi Kalan e-waste plant to double capacity
The decision comes after Sirsa's August 4-5 inspection of the Revac facility in Norway's Revetal, regarded as one of Europe's most advanced and environmentally compliant e-waste plants, it said in the statement. Initially designed to process 51,000 metric tonnes of e-waste annually with an investment of Rs 150 crore, the Holambi Kalan plant will now be built to handle 1,10,000 MT per year, covering almost twice the area and with nearly double the capital expenditure, according to a government statement. New Delhi, Aug 10 (PTI) Delhi's first E-Waste Eco Park in Holambi Kalan will now be twice as big and powerful, Environment and Industries Minister Manjinder Singh Sirsa said. Sirsa said the upgraded project will adopt a global zero-waste model, ensuring no air, water, or radiation pollution, with advanced scrubbers, in-house water purification, concretised flooring, and complete material recovery. 'Our goal is integrated progress where clean industry fuels economic growth and safeguards the environment,' he said. The Delhi government also plans to introduce robust third-party monitoring for compliance, inspired by Norway's non-profit inspection framework for Extended Producer Responsibility (EPR). The plant will recover aluminium, iron, and refuse-derived fuel without burning waste, promoting a true circular economy. To be developed under a public-private partnership model through the Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), the park is expected to generate over Rs 500 crore in revenue. PTI NSM VN VN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
&w=3840&q=100)
Business Standard
36 minutes ago
- Business Standard
India should weigh benefits of Russian oil after US tariff hike: Banerjee
India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said. Last week, US President Donald Trump signed an executive order, slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50 per cent -- among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect on August 27. "We need to think hard about whether Russian oil imports are worth it and then go back to the US to say that, you know, will they take it (tariff) off, if we stop importing Russian oil," Banerjee told PTI on the sidelines of an event organised by BML Munjal University. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from Russia. "It is not crazy to think about it. At a 25 per cent tariff, some of our exports are already not competitive, so maybe 50 per cent (tariff) does not matter," the eminent economist said. India is the largest importer of Russian crude, purchasing 1.6 million barrels per day in July. However, it has not placed any orders for August and September, mainly because the discounts that initially encouraged Indian refiners to import oil from the Black Sea have decreased to about USD 2 per barrel. In terms of volume, India imported 88 million tonnes from Russia in FY25, out of the total shipment of 245 million tonnes. With such a minimal price advantage compared to other internationally available oil, Indian refiners did not place any orders for August and September. Oil companies typically secure import contracts about two months in advance, meaning the supplies for August and September were arranged before Trump's August 7 announcement of higher tariffs. The bilateral trade deal between the US and India has been stuck over the US demand for greater access to India's agricultural and dairy market. Asked if India should lift curbs on investments from China, Banerjee said, "Maybe we should combine that with trade negotiations with China". "I think it is a good moment to do it. The Chinese also need to think of how they will deal with the US, and what leverage points they have," Banerjee added. Following the Galwan clash in 2020, India took a hard stance on China and its companies operating in the country. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share land borders with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal and Afghanistan. Following the decision, FDI proposals from these countries need government approval for investments in any sector in India. Asked whether India should join the ASEAN trading block, he said, "Maybe, I think we need to. I think China is much more important than ASEAN". Responding to a question on how he sees the Indian economy doing this year amid geopolitical tensions and trade uncertainties, Banerjee said, "Not as good as we expected". He pointed out that the middle class is actually hurting, and for the past few years, private investments have also not picked up. "Companies like TCS are not hiring, the salary of IT employees is not increasing... These are all issues we have not dealt with, and we are sitting on them, so we need to kind of embrace the fact," he said.
