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PNB to write to IRDAI on stake sale plan in Canara HSBC OBC Life, says MD and CEO Mallikarjuna Rao
K.R.Srivats
New Delhi |
Updated on
June 01, 2021
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Regulator had given one year forbearance post PNB amalgamation with OBC on April 1 last year
Punjab National Bank, the country’s second largest public sector bank, plans to complete its stake sale in associate company Canara HSBC OBC Life Insurance in next one to one-and-a -half years, CH.S.S. Mallikarjuna Rao, Managing Director & CEO of the bank said.
“Because of our amalgamation with OBC from April 1 last year, forbearance was given to us by IRDAI for one year ( till March 31, 2021). Now that the period is over, we have completely assessed the situation and would like to sell our stake. It will not happen overnight .it could be one year or two years. We would like to submit our plan of action to IRDAI and that is why we have taken the approval from the Board, ” Rao told
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