Indian Bank plans entry into life insurance, soon to seek board nod: MD

Indian Bank's plans to enter the life insurance and asset management segments are progressing as planned, and it would soon approach the board for approval, the bank's MD and CEO Binod Kumar said.

The lender is currently in the process of seeking approval from its board for the proposed subsidiaries or joint ventures, following which other necessary processes will be initiated, Kumar told PTI in an interview.

Regarding entry into the life insurance and asset management space, he said, "It is very much on track.

We are in the process of seeking board approval and thereafter initiate other relevant regulatory and administrative processes." Kumar said identifying the right partner would be a crucial part of the exercise, as a strong partner can help accelerate wealth creation.

"It will take time, say one year or so.

Identifying a good partner is the most essential part of that.

If you have a good partner, wealth creation is faster," he said.

Kumar also underlined the strategic import