Analysts interpreted the statement as a "very significant one" made at a time when the State Bank is scouting around for a partner for its entry into the insurance sector. The bank has recently shortlisted three investment banks to help it identify a venture partner. When contacted, State Bank chairman MS Verma refused to comment on the issue.

The government is likely to allow foreign players in the sector with 26 per cent stakes, and a bill is likely to be placed in the winter session of parliament.

GE Capital and the bank have recently floated two joint ventures for foraying intothe credit-card business. GE Capital holds 60 per cent in the technology and processing company, GE Capital Business Process Management Services, while the bank holds an identical stake in the marketing company, SBI Cards & Payment Services Ltd.

"We are present in the insurance business worldwide. We would like to look at the sector, but it all depends on the laws and rules that are framed (in India). For example, we do not have a presence in the sector in Malaysia," Wendt said. The GE Capital chief executive also made it clear that he would prefer the life segment to the non-life one for entering the country.

"We would also make an entry into the mortgages business in India through GE Capital-India. We will not float a separate company for the business," Wendt said, adding that GE Caps had pumped in close to $1 billion in the past five years into the country.

India accounts for less than 1 per cent of GE Capital's worldwide business. "We are yet to break even in the country and we are yet to makemoney," he said. GE Caps-India is among the largest financial services companies in the country with a combined asset base of Rs 2,500 crore.

The GE Caps CEO said that India was a relatively stable country and investments would pay up over a period of time. "One has to have the patience for this to happen," Wendt said.

The GE Capital chief executive identified the information-processing business as his company's focus in the country. GE Capital has recently floated a new firm, GE Capital International Services, to foray into the sector. "It is the most happening sector. The quality of labour is very high here... Till now we are using the service only for internal use. Soon it will be available for commercial use," Wendt said. He said the data gathered from information processing will help the credit card, insurance, car loans and mortgages businesses.

"Right now, the information-processing business employs about 500 employees. The staff strength will grow four-fold to 2,000 over the next year," hesaid.

In India, GE Capital's major business focus is on consumer services, commercial financing including truck financing, vendor financial services, structured finance, business-process management services and GE Capital Spacenet Services which processes satellite communications. Besides, it also extends aircraft financing to Indian Airlines and Jet Airways through GE Capital Airline Services.