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Central Bank of India in Insurance Sector: If you are a customer of Central Bank of India (CBI) then this news is for you. Yes, Central Bank of India (CBI) has received approval from the Reserve Bank of India (RBI) to enter the insurance business through a joint venture with Generali Group. The public sector bank said in the information given to the stock market on Friday that the Reserve Bank of India (RBI) has approved this through a letter dated November 21, 2024.
Giant enterprise gets approval to enter insurance business
According to company information, ‘…Reserve Bank of India (RBI) vide its letter dated November 21, 2024 has approved the bank’s entry into the insurance business through FGIICL and a joint venture with General Group under FGLICL. . This is subject to continued compliance with the conditions laid down by it and the approval of insurance regulator IRDAI. The Competition Commission of India (CCI) in October approved Central Bank of India’s proposed acquisition of stake in Future General India Insurance Company Limited (FGICL) and Future General India Life Insurance Company Limited (FGILICL).
FGIICL offers personal insurance, commercial insurance, social and rural insurance among other insurances. FGILIC offers Savings Insurance, Investment Plan (ULIP), Term Insurance Plan, Health Insurance Plan, Child Plan, Retirement Plan, Rural Insurance Plan and Group Insurance Plan. The Central Bank of India announced in early August that it has emerged as the successful bidder to acquire debt-laden Future Enterprises Ltd’s (FEL) stake in the life and general insurance business.