We attended 'SBI Subsidiaries Day' organized by State Bank of India (SBIN), focusing on its key subsidiaries with highlights   from the managements   of the respective businesses. SBIN intends to list its cards and AMC businesses in FY20, and two of its 18 regional rural bank (RRB) subsidiaries. While SBI Life Insurance and SBI Cards are poised to take off on their next leg of growth, SBI General Insurance,  after achieving breakeven in seven years of operations, is targeting underwriting breakeven within the next two years. SBI AMC, while continuing its leadership in B15 locations,  is looking to capitalize on Amundi and SBI's overseas presence to aggressively foray in ETF, AIF and offshore funds. SBI Capital Markets targets a leadership position in investment banking. Across businesses, the focus is on aggressive cross-selling to SBIN's sizeable customer base of 420m, which presents a significant untapped market for these subsidiaries.