SBI General Insurance, SBI Mutual Fund under consideration for listing: Official
PTI
Last Updated:
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.
Setty made the remarks during the launch of specialised health insurance branches of SBI General Insurance in Telangana and Andhra Pradesh.
'In our portfolio, there are two companies we are seriously considering—the Asset Management Company (SBI Mutual Fund) and SBI General Insurance. However, the timelines are yet to be decided. These two companies are strong candidates for listing," he told reporters on the sidelines of the event.
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 VVK SJR SSK
view comments
First Published:
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
10 minutes ago
- India.com
‘Even Toilet Paper Will Cost More': Late-Night Comedians Colbert, Fallon Roast Trump's India Tariffs With Brutal Punchlines
Washington: US President Donald Trump's trade policy has drawn fire not only from diplomats and economists, but from America's most popular late-night comedians. Stephen Colbert and Jimmy Fallon used their Thursday shows to take aim at his new 50 percent tariff on Indian goods. The penalty on India comes in two stages: a 25 percent hike that came into effect from August 7, followed by another 25 per cent due on August 27. Washington says the move is punishment for New Delhi's continued purchase of Russian oil. The tariffs apply to a long list of products, from medical supplies to everyday consumer items. On The Late Show, Colbert went straight for humour. He told viewers that the tariffs would push up the price of gauze, bandages and even wading. 'Perfect time to introduce my new product, Steve's wad. What is in them? What do you care? You are bleeding. It is a wad,' he joked. He kept the jabs coming. 'I hope you remembered to set your clocks back to 'more expensive',' Colbert said, referring to the scale of the global tariff rollout. He called the hikes 'huge' and emphasised that they raised import taxes to the highest level since the Great Depression of 1929. 'Never a great sign to be compared to the worst thing ever,' he quipped. Colbert pointed out that Brazil, like India, is also facing the full 50 percent tariff. 'Bad news for meat-based Americans,' he deadpanned. Jimmy Fallon, who hosts NBC's Tonight Show, joined in the mockery. 'Today more of President Trump's tariffs went into effect for more than 90 countries, including Canada, Brazil and India. The only places Trump did not charge are North Korea and Epstein Island,' he told his audience. The line landed in the wake of renewed scrutiny of the Trump's administration's handling of the Jeffrey Epstein scandal. Fallon said that Brazil's tariff will hit tropical fruit prices hard. 'Fifty per cent on Brazil will dramatically raise the price of bananas, mangos and pineapples. Edible Arrangements was like, 'As long as you do not raise the price of cantaloupe and long toothpicks, we are good,'' he said. Even everyday staples, Fallon warned, would not be spared. 'Toilet paper will get more expensive. You know it is bad when people come out of the bathroom like, 'Hey, where is that long CVS receipt?'' he said. Covering over 90 nations, the latest round of tariffs has set the stage for a prolonged trade confrontation. In the meantime, Colbert and Fallon seem determined to keep turning the policy into late-night punchlines.
Economic Times
11 minutes ago
- Economic Times
Sri Lankan MP backs India amid tariff row
Synopsis Amid India-US trade issues, a Sri Lankan MP, Harsha de Silva, backs India. He highlighted India's support to Sri Lanka during its economic crisis. De Silva urged against mocking India's situation. He reminded everyone of India's generosity when Colombo faced difficulties. India provided significant financial assistance to Sri Lanka in 2022. The MP's statement occurred during a parliamentary debate. New Delhi: Amid the India-US tariff standoff, a Sri Lankan parliamentarian has come out in support of New Delhi and drawn attention to how the Indian government came to Colombo's aid when the island nation was facing a crisis. During a recent parliamentary debate on the growing India-US trade tension, Colombo district MP and former minister Harsha de Silva reminded critics of India's generosity during Sri Lanka's difficult days, according to people in the know. "Don't laugh at India. Don't mock them when they are down, because when we were down, they were the only ones to lend us a hand," a source quoted de Silva as saying. "It ain't over until the fat lady sings. We witnessed you laughing. Don't laugh. India expected the tariffs to come down to 15%, and so did we."India had provided close to $4 billion in assistance to Sri Lanka during the economic crisis in 2022.
Mint
24 minutes ago
- Mint
Upcoming IPO: Mumbai-based Powerica files draft papers with Sebi to raise ₹1,400 crore via public issue. Details here
Upcoming IPO: Mumbai-based power solutions provider, Powerica Ltd, filed its preliminary draft papers with the capital markets regulator, the Securities and Exchange Board of India (Sebi), on Monday, 11 August 2025. The company aims to raise ₹ 1,400 crore from the Indian stock market through the public issue. Powerica is offering a book-built public issue comprising a fresh issue of equity shares up to ₹ 700 crore with a face value of ₹ 5 apiece, along with an offer for sale (OFS) component of shares up to ₹ 490 crore by Naresh Oberoi Family Trust, and ₹ 210 crore by Kabir and Kimaya Family Private Trust, the promoter selling stakeholder of the public issue. According to the company disclosure, the ₹ 525 crore of the proceeds from the public issue will be used to pay off certain loans taken by the firm, while the rest of the funds will be utilised for general corporate purposes. The company also may consider a pre-IPO placement of ₹ 140 crore, if this goes through then the fresh issue component size will be reduced accordingly. The company's draft papers showed that Powerica will allot not more than 50% of the offer to the qualified institutional buyers (QIBs), not more than 15% to the non-institutional investors (NIIs), and 35% will be allocated to the retail investors. Powerica Ltd. is a power solutions provider incorporated in 1994. The company is involved in the generator set business, providing end-to-end power solutions in standby and prime power applications. The company has clients in various sectors including commercial (hospitality, healthcare, banking and financial services industry – banks, education, residential and other real estate), infrastructure (retail infrastructure, logistics, railways and metros), manufacturing (industrial, process industries, dairy), agriculture (including cold storage and aquaculture), information technology/data centres, government and defense, and rentals, according to the official data. The company owns and operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
