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"We are going ahead with our plan (foraying into general insurance business)...we are currently seeking RBI approval for the same," UCO Bank Chairman and Managing Director S K Goel said.
"We hope to finalise the JV structure and partners in the next 3-4 months," he said.
The venture would have one more state-run bank and a foreign non-life insurance company and a domestic bank, he said.
UCO Bank will act as a promoter and distribution partner in the business, while it expects the domain expertise from its foreign and private partners, he said.
Several of the leading state-owned lenders, such as State Bank of India, Allahabad Bank and Union Bank of India, already have insurance subsidiaries in partnership with global players.
The Kolkata-based lender has also decided to put on hold its plans to launch a financial services subsidiary due to adverse market conditions, he said.
(PTI) lm
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