Central Bank of India gets RBI nod to enter insurance business through JV with Generali group

Central Bank of India connected Friday said it has got support from the Reserve Bank to participate the security concern done a associated task with Generali radical nether FGIICL and FGILICL.

In a filing to banal exchanges, the state-owned slope said the RBI accorded the support vide a missive dated November 21, 2024.

"...We would similar to pass that the Reserve Bank of India (RBI) vide its missive dated 21st November 2024 has approved the bank's introduction successful the security concern done a associated task with Generali radical nether FGIICL and FGILICL, taxable to continuous compliance of conditions stipulated by it and support of IRDAI, the sectoral regulator," the filing said.

In October, the Competition Commission of India (CCI) had cleared the Central Bank of India's projected acquisition of stakes successful Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).

FGIICL provides idiosyncratic insurance, commercialized insurance, social, and agrarian insurance, among others.

FGILICL provides savings insurance, concern plans (ULIP), word security plans, wellness security plans, kid plans, status plans, agrarian security plans and radical security plans.

Earlier successful August, the Central Bank of India announced it has emerged arsenic the palmy bidder for the involvement acquisition of debt-ridden Future Enterprises Ltd (FEL) successful beingness and wide security venture.