Indian Bank to seek board nod for life insurance, asset management push

Indian Bank is moving forward with its expansion into life insurance and asset management segments, with Managing Director and Chief Executive Officer Binod Kumar stating that the lender will soon seek board approval for the proposed ventures.

Kumar told PTI that the bank is currently in the process of obtaining board clearance for the new subsidiaries or joint ventures. Once approved, the bank will initiate the necessary regulatory and administrative procedures to operationalize these business units.

"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 in an interview.

The MD emphasized that selecting the right strategic partner would be critical to the success of the venture. He noted that a strong partner could significantly accelerate wealth creation and help the bank establish a competitive footing in these segments. "If you have a good partner, wealth creation is faster," he said, adding that the entire process could take approximately one year to complete.

The diversification move aligns with Indian Bank's broader strategy to expand its financial services offerings beyond traditional lending and deposits, positioning itself as a more comprehensive financial services provider in the Indian market.