mumbai insurance regulator irda on wednesday said it has given firststage approval to sbi for its general insurance venturesbi has tiedup with insurance australia group for its general insurance foraywe have given firststage r1 approval to sbi for the general insurance company there are a total of three stages of approvals insurance regulatory and development authority irda chairman j hari narayan saidirda would give complete approval to sbi as and when it would apply he saidthe ball is in their sbi court it is up to them when they apply for the remaining two stages hari narayan saidthe general insurance joint venture of sbi is likely to start operations in the fourth quarter of the current fiscalthe public sector lender sbi also has a life insurance joint venture with bnp paribhas assurance sbi life insurance