India's largest lender State Bank of India (SBI) has dropped its plan to list its general insurance venture as there is currently no need for additional capital, chairman Rajnish Kumar has said.
The bank had previously planned an IPO of SBI General Insurance in the financial year ended 31 March 2021, reported Press Trust of India. SBI General is a joint venture between SBI and Insurance Australia Group which has a 26% stake.
The bank's life insurance venture, SBI Life Insurance, was listed in September 2017. It is a joint venture with BNPPC, an insurance subsidiary of BNP Paribas.