ICICI Bank eyes pension funds business

15 March 2007

Mumbai: ICICI Bank is awaiting the passage of the long-pending Pension Fund Regulatory and Development Authority (PFRDA) bill for an entry into the lucrative pension funds business.

"We are keen to enter the pension funds business and have already prepared a road-map for it. We are waiting for clarity on the regulatory environment," Kalpana Morparia, joint managing director of ICICI Bank, said.

"We can either set up a separate company for the business or run it as an independent division of our existing insurance company, depending upon regulatory requirements," she maintained.

Employees of the central government and 16 state governments joining service during the last two-three years have opted for the new pension scheme but the pension funds have to wait for lack of legislation.

The Left parties, key ally in the UPA coalition government, are opposing the pension fund bill.

"We are already offering pension schemes in our life insurance business as an individual product," Morparia said.