The Industrial Development Bank of India is all set to foray into insurance business as a corporate agent.
The shareholders of the company have passed a resolution to this effect by more than three-fourth majority, IDBI told the Bombay Stock Exchange on Wednesday.
Giving details, IDBI said an item number 6 was included in the notice for EGM of the company on February 23 for amending the memorandum of association to include "soliciting or procuring insurance business as a corporate agent" as one of the main objects of company.
The members were requested to cast their votes by means of a postal ballot by February 28, IDBI said.