Kolkata, Apr 24: IndusInd Bank plans to foray into insurance broking business by setting up a separate subsidiary, its managing director and CEO Bhaskar Ghose said today.

The Bank had already applied to the Reserve Bank of India (RBI) for approval, Ghose said.

The insurance broking business, a move away from the traditional bancassurance model, would help the Bank increase its fee-based income by offering insurance products of different organisations, he said.

It will be an added product for the already flourishing wealth management business the Bank is offering for the high net worth individuals (HNIs), he said.

IndusInd Bank has bancassurance tie-ups with Life Insurance Corporation of India (LICI).

IndusInd Bank is also in talks with banks in Middle East, east coast of US, UK and South East Asia for strategic tie ups for attracting business opportunities generated by the Non-Resident Indians (NRIs), the MD said.

The Bank had recently tied up with Union National Bank(UNB), Abu Dhabi, for attracting NRI business encompassing a wide range of services including, deposit accounts, remmitance business, loans, wealth management, corporate finance among others.

Ghose said the Bank is open to acquisition of Non-Banking Finance Companies (NBFCs) having strong presence in the vehicle financing arena where the Bank has expertise.

He said the Bank had reduced securitisation business and was able to reduce the NPA burden to a large extent in the recent years.

UNI