Insurance Business: The Central Bank of India has received approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group. The public sector bank said in a communication to the stock exchanges on Friday that the Reserve Bank of India (RBI) has approved a letter dated November 21, 2024.

According to the company 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 the Generali Group under FGIICL and FGILICL. This is 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 the Central Bank of India's stake in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). FGIICL offers personal insurance, commercial insurance, and social and rural insurance, among others.

FGILIC offers savings insurance, investment plans (ULIPs), term insurance plans, 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 (FEL)'s stake in the life and general insurance venture.