RBI nod for Central Bank of India’s insurance foray in JV with Future Generali 

Central Bank of India approved foray into insurance business with Generali group, expanding joint ventures in financial services.

The Central Bank Of India has received Reserve Bank of India approval for its proposed foray into life and non-life insurance business through a joint venture with the Generali group.

The RBI on November 21 approved the bank’s entry in the insurance business, through a joint venture with the Generali group under Future Generali India Insurance Company and Future Generali India Life Insurance Company, subject to continuous compliance of conditions stipulated by it and approval of sectoral regulator IRDAI, Central Bank of India said in a filing on Friday.

This follows the Committee of Creditors for sale of Category 1 assets of Future Enterprises stake in FGILICL, and FGIICL declaring the State-owned lender successful bidder in August. In October, the Competition Commission of India had approved the proposed combination.

Central Bank Of India MD and CEO M.V. Rao had in an investor call last month said the bank has received the CCI approval to acquire 25.18% of equity shares in the life insurance division of Future Generali and 24.91% in the non-life. On completion of the process, the Bank will have two more joint ventures, in addition to those existing for home finance and financial services, he said.