MUMBAI (Reuters) - State Bank of India, the country's largest lender, said on Tuesday it had received approval for divestment of its stake in private life insurer SBI Life Insurance Co Ltd by up to 10 percent.
The executive committee of the central board of the bank authorised the divestment on Monday, State Bank of India said in a statement to the exchanges.
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif, the life, property and casualty insurance arm of France's BNP Paribas SA.
(Reporting by Zeba Siddiqui in Mumbai; Editing by Anand Basu)