The shareholders ratified the bank's proposal to set up a joint venture in the insurance sector. Ramamoorthy said the bank would not take up majority stake in the venture. It proposes to enter the health and family insurance sector once the modalities are defined by the centre. He further said this ratification will be valid for a few years and, therefore, there is no immediate pressure on the bank to formulate the venture.

Ramamoorthy said the bank's branch network and its distributional expertise can be utilised effectively in the insurance sector. According to him, this is the perfect opportunity for the bank to enter this sector.

Vysya Bank also announced its plan to get into consumer finance as along-term strategy. According to Ramamoorthy, the bank may form a separate subsidiary for the purpose, though plan have not been crystallised at the moment.

The bank is also assessing market opportunities for its subsidiary, Vysya Bank Leasing Finance Ltd. The company continues to exist without the leasing and hire purchase business despite a cut off date of April 1, 1997. The bank is focussing on recovery and deposit repayment. All the resolutions were passed at the AGM.