If you are a customer of Central Bank of India, then this news is for you. Yes, Central Bank of India has got approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group. The public sector bank informed the stock market on Friday that the Reserve Bank of India has given approval through a letter dated 21 November 2024.
According to the company’s information The Reserve Bank of India (RBI) vide its letter dated November 21, 2024 has approved the bank’s entry into the insurance business through a joint venture with Generali Group under FGIICL and FGILICL. Subject to continued compliance with the conditions prescribed by it and approval of insurance regulator IRDA.’ The Competition Commission of India (CCI) in October approved the proposed acquisition of Central Bank of India’s stake in Future Generali India Insurance Company Limited (FGIICL) and Future Generali India Life Insurance Company Limited (FGILICL).
FGIICL offers personal insurance, commercial commercial insurance, social and rural insurance among other insurance. FGILIC offers savings insurance, investment plans (ULIP), term insurance schemes, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans. Central Bank of India announced in early August that it has emerged as the successful bidder to acquire debt-ridden Future Enterprises Limited’s (FEL) stake in the life and general insurance business.
