on march 31 2012 it operates on the bancassurance model and sells products through 989 branches of the three banks its income from sale of new policies fell 16 during fy12 the valuation of the company is likely to be close to the paidup capital plants a big skill development programme has also been launched and 173 lakh new seats were created by opening 141 new itis he said capital of the bank for a period of five years from the date of licensing of the bank the draft guidelines had also stipulated that the aggregate nonresident shareholding in the new bank shall not exceed 49 for the first five years after which it will be as per the policy the draft guidelines also had said the aggregate nonresident shareholding in the new bank should not exceed 49 for the first five years after which it will be as per the policy