The idea was at a conceptualisation stage and was yet to get approval of the board, Gairola said on the sidelines of the banking conference convened by FICCI (eastern region) in Kolkata.

Dena Bank would hold 26-per cent stake in the proposed JV, he said, adding besides Dena Bank, there would be other domestic and foreign players.

The bank currently sells products of LIC for life and Oriental Insurance for non-life. The bank was also in talks with State Bank of India to launch credit cards, he said.

During the current fiscal, the bank was eyeing a credit growth of 22 per cent and deposit growth of 23 per cent as compared to 27 per cent and 18 per cent respectively in the last financial year.

Gairola said that the bank was keen to maintain a capital adequacy ratio of 11 per cent during the year, which at present was at 11.52 per cent.

He said the bank did have headroom to raise Rs8000 crore both in tier I and tier II. Dena Bank is eyeing a business of Rs57,000 crore in the current year, he added.