Central Bank of India on Friday said it has got approval from the Reserve Bank to enter the insurance business through a joint venture with Generali group under FGIICL and FGILICL.
In a filing to stock exchanges, the state-owned bank said the RBI accorded the approval vide a letter dated November 21, 2024.
"...we would like to inform that the Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the bank's entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL, subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the sectoral regulator," the filing said.
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In October, the Competition Commission of India (CCI) had cleared the Central Bank of India's proposed acquisition of stakes in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).
FGIICL provides personal insurance, commercial insurance, social, and rural insurance, among others.
FGILICL provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.
Earlier in August, the Central Bank of India announced it has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture.
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