Vijaya, Principal, Pnb To Set Up Insurance Venture

Vijaya Bank, Punjab National Bank (PNB), the Principal Financial Group of the US and a leading tyre company will soon set up a life insurance venture.

The four have signed a memorandum of understanding (MoU) and have applied to the Insurance Regulatory and Development Authority (IRDA) for a licence.

S M Kapur, chairman and managing director of Vijaya Bank, confirmed the development, and added,