State-owned Bank of Maharashtra (BoM) is planning to foray into the non-life insurance business by picking up a 15 per cent stake for Rs 15 crore in the proposed non-life venture of Chennai-based Shriram Group and South Africa's Sanlam.
Apart from IRDA approval for the joint venture, BoM would also require a clearance from the Reserve Bank for the venture.
(Source: Business Line)
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