Bank of India (BOI) is considering listing its mutual fund and life insurance arms as the first candidates for potential market listing, similar to other public sector banks like State Bank of India and Canara Bank, which have already explored or initiated IPO plans for their subsidiaries.

“We do see our mutual fund and insurance subsidiaries as the most likely to be off the block when the time is right,” said Rajneesh Karnatak, MD & CEO of Bank of India. “But not in this financial year. Our focus right now is on growing these platforms organically, expanding distribution, and ensuring they are strategically aligned with our core banking business.”
In June this year, the finance ministry had asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise a good return. BOI is taking a more measured approach, prioritising scale and value before stepping into the capital markets.
As on July 2025, BOI Mutual Fund, a wholly owned subsidiary of BOI, has an asset under management of Rs 13,183 crore with 7,62,969 investor folios across 20 equity, hybrid, and debt funds. In Star Union Daiichi, the life insurance arm BOI holds a 27.5% stake. For FY25, the life insurance earned a net premium income of Rs 8,033 crore. As on July 2025, the life insurance company, in terms of first premium, enjoyed a market share of 3.25% among private insurers