State Bank of India (SBI), countrys largest public sector lender has received its board approval to dilute 10% of its stake in the life insurance venture SBI Life through public offer. Of the 10% stake on offer in SBI Life Insurance Company, 8% will be sold via an offer for sale, while the remaining will be fresh issuance of shares.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. The bank has reported 70.88% jump in its consolidated net profit at Rs 2152.23 crore for the quarter ended December 31, 2016, as compared to Rs 1259.49 crore for the same quarter in the previous year.