IndusInd Bank is set to approach the IRDAI to seek licence to operate in the insurance industry.
In a press conference held to discuss March FY23 quarter results, Sumant Kathpalia, MD & CEO, IndusInd Bank, said the bank will apply for the licence. “I think it’s a process which may take one–two years,” he said. When asked what sort of synergies he envisages with insurance operation, Kathpalia sounded optimistic about the non-life business.
“We have CV business where we are among the top three players in any category which you talk. (So) it makes immense sense for us to get into non-life business. We love these businesses because they complement our core businesses in the banking sector,” he explained.
With some of the bank’s peers holding stake in insurance companies, Kathpalia dismissed the proposition of being an investor. “I don’t want to be an investor in a company, I want to be the manufacturer,” he asserted. While he did not delve more information on the insurance sector aspirations it appears that the bank may start the regulatory processes in a quarter or so and may pursue inorganic opportunities once the licence comes through.
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