Central Bank of India gets RBI nod for insurance sector entry via Generali JV

The Central Bank of India said on Friday it has received approval from the Reserve Bank of India (RBI) to enter the insurance sector through a joint venture with Generali Group under Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL).

In a regulatory filing, the state-owned lender said the approval, communicated via an RBI letter dated November 21, 2024, is subject to compliance with stipulated conditions and further clearance from the Insurance Regulatory and Development Authority of India (IRDAI).

"...Reserve Bank of India (RBI) vide its letter dated 21st November 2024 has approved the bank's entry in the insurance business through a joint venture with Generali Group under FGIICL and FGILICL," the filing stated.

The RBI nod follows the Competition Commission of India’s (CCI) October clearance of the bank’s proposed acquisition of stakes in the two Future Generali entities.

In August, the Central Bank of India emerged as the winning bidder for debt-laden Future Enterprises Ltd’s (FEL) stakes in the insurance ventures, paving the way for its foray into the sector.

FGIICL offers a wide range of insurance products, including personal, commercial, social, and rural insurance. FGILICL provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.