The approval, dated 21 November, allows the bank to engage in insurance business. Credit: TK Kurikawa/Shutterstock.

The Reserve Bank of India (RBI) has sanctioned the state-owned Central Bank of India‘s proposal to enter the life and non-life insurance sectors through a partnership with the Generali group.  

The approval, dated 21 November, allows the bank to engage in insurance business with Future Generali India Insurance Company (FGIICL) and Future Generali India Life Insurance Company (FGILICL), contingent on the fulfilment of ongoing compliance requirements set by the RBI and consent from insurance regulator the IRDAI (Insurance Regulatory and Development Authority of India). 

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This move follows the Committee of Creditors’ decision in August, which named the state-owned lender as the successful bidder for the Category 1 assets of Future Enterprises’ (FEL) stake in FGILICL and FGIICL. 

Subsequently, in October, the Competition Commission of India (CCI) approved the Central Bank of India’s acquisition of shares in both FGILICL and FGIICL under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, CNBC TV18 reported. 

Central Bank of India MD and CEO M.V. Rao, in a recent investor call, confirmed the CCI’s approval for the bank to acquire a 25.18% stake in the life insurance arm and a 24.91% stake in the non-life insurance arm of Future Generali.  

He highlighted that upon completion of the acquisition process, the bank will expand its joint venture portfolio, which currently includes partnerships in home finance and financial services, the Hindu reported. 

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FGILICL offers term insurance, savings insurance, health insurance, investment plans, retirement, child, group and rural insurance plans.