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Rediff.com  » Business » PNB plans foray into pension sector

PNB plans foray into pension sector

Source: PTI
January 13, 2004 13:50 IST
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The joint venture of Punjab National Bank, Vijaya Bank, Berger Paints and the United States-based Principal Group has evinced interest to the interim Pension Fund Regulatory and Development Authority for foraying into the green-field sector.

Confirming this, Punjab National Bank chairman S S Kohli told PTI that the joint venture plans to offer group insurance along with the pension scheme.

PNB will hold 37 per cent in the joint venture, while Berger Paints will have 25 per cent, Principal (26 per cent) and Vijaya Bank (12 per cent).

The leading PSU bank also has a joint venture with Principal and Vijaya Bank for a mutual fund.

After merging its own mutual fund arm with Principal, PNB has now started selling its products from its bank branches.

The JV has not applied to the Insurance Regulatory and Development Authority separately for insurance foray till now.

Kohli declined to give details of the proposed venture as the interim regulator was yet to come up with the guidelines for the pension funds.

The government set up the interim regulator at the end of last year and announced a new defined contributory pension system from January 1.

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