Mr Chakrabarti said IDBI is waiting for the detailed blueprint from Mr YP Gupta, a former chairman of Life Insurance Corp, who is the advisor for IDBI's proposed insurance venture. "Mr Gupta will prepare the detailed blueprint of our proposed insurance venture and then we will apply to IRDA," he added. Mr Chakrabarti said IDBI is yet decide whether to make a foray in the life or non-life sector or both. He said consultants MP Chitale has been appointed to help it make a choice. "Chitale has recently submitted its report and now Mr Gupta will work on it," he said.

Mr Chakrabarti says Chitale has suggested that IDBI initially go for pension and annuity schemes. "Chitale has also suggested names of seven to eight overseas companies for strategic partnershi."

He said IDBI will hold a 74 per cent stake in the proposed insurance joint venture. Mr Chkarabarti said IDBI will finance film and information technology sectors in a big way. In case of film financing, the eligibility is that the borrower should have a corporate entity and the movie should be promoted by reputed producers and backed by eminent directors.

The assistance will not exceed half the estimated budget, and the promoters' contribution will not be less than 30 per cent of the estimated budget. The period of loan will not be normally more than two years and upfront fee will be one per cent of the amount of assistance. For the IT sector, IDBI has set up IDBI Intech Ltd for delivering world class IT related services and products., Mr. Gupta added.