SBI plans general insurance foray

State Bank of India plans to enter general insurance early next year and has appointed a consultant, said Mr O.P.Bhatt, its Chiarman. The bank is likely to tie up with a foreign player to set up a joint venture for general venture. The bank has infused Rs 500 crore capital in its life insurance subsidiary, SBI Life and may infuse Rs 2,000 crore next year. The bank saw a growth of 18 per cent in housing loans as on September 30, 2007 and will continue to focus in this segment, Mr Bhatt said. Retail advances now constitute about 25 per cent of the bank’s gross domestic advances and housing loans constitute 52 per cent of retail advances