Central Bank of India gets approval for insurance JV with Generali Group

State-owned Central Bank of India has received approval from the Reserve Bank of India (RBI) to foray into the insurance business through a joint venture with the Generali Group. The partnership will operate under Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).

Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the Banks 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," a stock exchange filing read.

The related approval is contingent on the bank's continued compliance with stipulated conditions. The joint venture also requires the nod of the Insurance Regulatory and Development Authority of India (IRDAI), the sectoral regulator.

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Earlier, the Competition Commission of India (CCI) cleared the Central Bank of India's proposed stake acquisition of stakes in Future Generali India Insurance and Future Generali India Life Insurance. Central Bank of India is a scheduled commercial bank. "The proposed combination envisages acquisition by Central Bank of India of 24.91 percent equity stake in Future Generali India Insurance Company Ltd (FGIICL)," CCI said in a release.

CCI has also approved a 25.18% equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through bid/resolution plan submitted by the Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

FGILICL provides savings insurance, investment plans (ULIP), term insurance, health insurance, child, retirement, rural, and group insurance plans.

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