India's Bank of Baroda has announced plans to branch out into life insurance through a proposed joint venture.
The bank’s board of directors has approved a proposal to initiate steps to enter the life insurance market via a earmarked joint venture, including seeking the necessary approvals.
Possible partners for the intended venture have not been named, although, under Indian law, the bank will be allowed to team up with two or more partners, including one from overseas. According to Business Standard, a spokesman for the lender said that it intends to finalize the arrangements by March next year.
In other recent news, Bank of Baroda announced plans to open an offshore banking unit in Singapore. The company has also recently launched an internet banking facility, which it said will initially be available for customers in 480 branches.