Chennai, Nov 25 (IANS): Private sector Kotak Mahindra Bank Ltd Tuesday announced its plans to enter the general insurance segment following the approval from Reserve Bank of India (RBI).

In a statement issued here, the bank said it has received the approval of RBI to form a subsidiary to enter the general insurance business.

The bank had earlier got the in-principle approval from Insurance Regulatory and Development Authority (IRDA) for incorporating a company to transact general insurance business.

"With the addition of general insurance business, Kotak Mahindra Group, with existing presence across banking, wealth management, life insurance, broking, mutual funds and private equity, will be able to offer the complete range of financial products and services to our retail and wholesale customers," Gaurang Shah, president, asset management, insurance and international business at Kotak Mahindra Bank, was quoted as saying in the statement.

"The general insurance business in India is currently a Rs.77,000 crore premium per annum industry and is growing at a healthy rate of 17 percent," he added.

According to the statement, Mahesh Balasubramanian has been named as the chief executive officer of the general insurance venture. He is currently executive vice president and co-head, branch banking at the Kotak Mahindra Bank.