New Delhi, Oct 07: Vijaya Bank on Tuesday said its insurance and pension joint venture with Punjab National Bank, Principal and Berger Paints is expected to start operations by the end of this fiscal. Although the equity structure agreed by the partners in August envisages that PNB will hold 37 per cent, Principal (26 per cent), Vijaya Bank (12 per cent) and Berger Paints (25 per cent) as permitted by IRDA, the US financial major has evinced interest in holding a higher stake if it is allowed by the interim regulator for pension sector.
The FDI norms for the pension sector are expected to be announced by the interim Pension Fund Regulatory and Development Authority.

Vijaya Bank chairman M S Kapur said the bank hopes that it would be able to start the insurance business by the end of this fiscal.
The company is slated to start with a initial capital of Rs 110 crore.
The bank's mutual fund venture is also likely to start operations by the end of this year. Bureau Report