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SBI Life set to enter Bahrain in fiscal 2017

SBI Life Insurance Co. Ltd. is set to expand to Bahrain in fiscal 2017-2018, Press Trust of India reported March 26.

While SBI Life has received regulatory approval from the Insurance Regulatory and Development Authority of India, the insurer is still waiting for approval from the Central Bank of Bahrain to open a branch in the country, said Arijit Basu, managing director and CEO.

The insurer will initially focus on nonresident Indians but may also serve locals in the future, Basu said.