"A final view on starting the insurance venture will be taken once the government position becomes clear. In the meantime, BoB would shortlist partners, which are established players in insurance, to pick up a stake in the company to be set-up for undertaking the insurance business,'' a top Bank of Baroda official said.

The official said that BoB had already come out with an internal paper to address the issue. Shareholding pattern and capital base for the proposed venture will be decided once the government approval is obtained. ''Large resources would be needed and the bank is not ready to go it alone as it lacks the experience in the field and it cannot afford to divert funds from its banking business to the insurance venture,''the official said.