Direct impact of higher tariff likely to be limited: SBI head
Textiles, gems and jewellery and aquamarine are among a few industries bound to be impacted given their exports are predominantly to the U.S. and consequently may require some hand holding. Though exposure to the industries is limited, if need be banks will get involved in 'how do we protect [them] along with the government of India if the tariff issue is not resolved faster,' he told mediapersons after launching SBI General Insurance's 30 specialised health insurance branches across Andhra Pradesh and Telangana at a function in Hyderabad.
On likely relief measures banks could provide, Mr. Setty said, 'We are working with the regulator. It's too early to talk... we are confident some resolution will happen on tariffs since India is not alone as several other countries are also facing tariff issues. The uncertainty surrounding tariffs should be addressed at the earliest.'
Will restructuring be one of the relief measures, the SBI head said 'I think it's too early. Let's not go there. I'm sure there will be some solution for this tariff related.'
Mulling two IPOs
To a query on plans for an Initial Public Offering of the general insurance subsidiary, he said SBI General Insurance and asset management subsidiary SBI Mutual Fund are the two serious candidates in the Group being considered for listing. 'But the timelines are not decided yet,' he added.
On further tweaks to bancassurance norms are required, he said lot of reforms have happened in recent times to the insurance distribution model involving the banks. It is a powerful channel, he said, adding the focus should be on ensuring right selling happens. 'Nobody should be sold a product which is not suitable for them. Everyone of us is working towards that... [be it] insurers, banks, policymakers and regulators while ensuring insurance penetration grows.'
Though the number of policies customers cancel within the free look period is miniscule, SBI General Insurance analyses such cases to ensure that it is not account of mis-selling. Additionally, the cases are also looked into by the internal ombudsman, he said.
SBI General Insurance MD and CEO Naveen Chandra Jha said the insurer is piloting the concept of dedicated offices for health insurance branches from the two States and may extend it to Odisha, West Bengal, Bihar and Jharkhand next.
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