SBI Chairman CS Setty on Saturday said SBI General Insurance and SBI Mutual Fund are under consideration for public listing, though no specific timeline has been finalised.
Setty made the remarks during the launch of specialised health insurance branches of SBI General Insurance in Telangana and Andhra Pradesh.
“In our portfolio, there are two companies we are seriously considering—the Asset Management Company (SBI Mutual Fund) and SBI General Insurance. However, the timelines are yet to be decided. These two companies are strong candidates for listing,” he told reporters on the sidelines of the event.
Responding to questions about the initial public offering (IPO) plans for SBI General Insurance, Setty said no fixed schedule has been set.
On the impact of US tariffs, Setty said the direct effect on Indian exports is limited due to their geographic and sectoral diversification.
However, sectors such as chemicals, textiles, gems, and jewellery, which mainly export to the US, could face challenges, he added.
He further said that the banking sector’s exposure to these industries is limited. The central government is working to support the directly affected sectors if the tariff issue persists, with banks stepping in if necessary, he added.
Setty expressed confidence that the tariff-related issues would be resolved soon. “The more important thing is that this uncertainty surrounding tariffs should be addressed at the earliest,” he said.
On bancassurance reforms, he said the focus is to ensure customers are not sold unsuitable products. "Regulators, policymakers, banks, and insurance companies are working to make the right products available and improve insurance penetration," he added.
Speaking on recruitment, Setty said SBI has consistently hired staff for over a decade and will continue to do so.
The health insurance branches launched by SBI General Insurance in Andhra Pradesh and Telangana are the ‘first of their kind’, with plans for nationwide expansion, according to an SBI General Insurance statement.
The strategic expansion is part of the company’s broader mission to strengthen its presence in underserved markets, increasing accessibility to health insurance solutions for millions of individuals and households, it said.
Referring to SBI’s slogan, ‘banker to every Indian,’ Setty said his ambition is for SBI General Insurance to become the "health insurer for every Indian, to the extent possible."
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