(Image source from: SBI can divest its stake in SBI Life Insurance Up to 10 %})

State Bank of India, the major Public Sector banking firm, said on Tuesday, that it has received nod for divesting its stake up to 10 percent in its insurance arm SBI Life Insurance Co Ltd. The country’s largest lender was authorized to divest its stake by the executive committee of the central board of the bank on Monday.

After the government allowed private players in insurance sector SBI and France’s BNP Paribas Cardif have started the insurance company in 2001 with 74% and 26% respectively.

-Kannamsai