The country’s largest lender, State Bank of India on Tuesday  said that it had received the approval for divestment of its stake up to 10 per cent in private life insurer SBI Life Insurance Co Ltd.

On Monday the executive committee of the central board of the bank has authorised the divestment, State Bank of India said in a statement to the exchanges.

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif the life property and casualty insurance arm of France’s BNP Paribas.