Public sector lender, Punjab National Bank has decided to buy 58% stake in the prposed life insurance joint venture. The venture still awaits approval from the regulators. The bank would be buying out the stake from two of its partners in the venture.

The JV was initially between four entities with PNB having 30% stake, Mauritius based firm called Principal Financial Group holding 26% stake while domestic firm UK Paints holding 32% and Vijaya Bank holding 12%.

The venture did not get approval from IRDA following differences in opinion between the partner firms.

The public sector lender has informed BSE that it would be buying out the entire 26% stake held by Principal Financial Group and also the 32% holding of domestic firm UK Paints.

Vijaya Bank would still be partners in the venture, the bank clarified.

PNB and Vijaya Bank would there upon decide on further course of action to be taken to push the venture forward, the bank said.