The Central Bank of India has received approval from the Reserve Bank of India (RBI) to enter the insurance business through a joint venture with the Generali Group. The approval, granted on November 21, 2024, allows the bank to collaborate with Generali under its subsidiaries FGIICL (Future Generali India Insurance Company Limited) and FGILICL (Future Generali India Life Insurance Company Limited).
This strategic move aligns with the bank’s diversification efforts, enabling it to expand into the lucrative insurance sector. The RBI’s approval is subject to compliance with stipulated conditions and further clearance from the Insurance Regulatory and Development Authority of India (IRDAI).
The Central Bank of India had previously announced receiving Competition Commission of India (CCI) approval for this venture on October 15, 2024. This latest development marks a significant milestone in the bank’s growth strategy, reinforcing its commitment to offering comprehensive financial solutions to its customers.
Chandrakant Bhagwat, Company Secretary and Compliance Officer of the Central Bank of India, confirmed the regulatory progress and emphasized the importance of compliance in the joint venture’s execution.
