Bank of India finally ventures into life insurance

Bancassurance has proved to be a success for other national banks and the Bank of India does not want to miss out

Bank of India is moving into life insurance by tying up with Japan’s Dai-Ichi Mutual Life Insurance and another Indian partner, according to a notice issued to the Bombay Stock Exchange. The bank will have a majority stake in the joint venture, which is yet to be decided, a bank official said. “It could be anywhere between 30 and 51 [percent]”, he added.