Indian Bank, a public sector lender, has shelved plans to float a separate subsidiary for taking up life insurance business. Instead, the bank will focus on building a multiple-agency relationship system to augment business, its Chairman and Managing Director, Mr T. M. Bhasin, said. It would also go in for white-labelling of products so that Indian Bank's name appears on products being offered by various agency partners, Mr Bhasin said. The move to abandon plans for setting up a separate life insurance venture comes in the wake of the bank's decision to conserve capital and use it more propitiously for its core business.
Source: The Hindu Business Line
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