Increased competition and a decline in commercial banking has prompted India's second-largest bank to diversify, according to one of its top officials.

Panemangalore Shenoy, executive director of Bombay-based Bank of Baroda, said the company is hoping to expand into insurance and mutual funds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.