In a submitting to inventory exchanges, the state-owned financial institution mentioned the RBI accorded the approval vide a letter dated November 21, 2024.
“…we want to inform that the Reserve Financial institution of India (RBI) vide its letter dated twenty first November 2024 has authorized the financial institution’s entry within the insurance coverage enterprise by a three way partnership with Generali group beneath FGIICL and FGILICL, topic to steady compliance of situations stipulated by it and approval of IRDAI, the sectoral regulator,” the submitting mentioned.
In October, the Competitors Fee of India (CCI) had cleared the Central Financial institution of India’s proposed acquisition of stakes in Future Generali India Insurance coverage Firm Ltd (FGIICL) and Future Generali India Life Insurance coverage Firm Ltd (FGILICL).
FGIICL offers private insurance coverage, business insurance coverage, social, and rural insurance coverage, amongst others.
FGILICL offers financial savings insurance coverage, funding plans (ULIP), time period insurance coverage, medical health insurance plans, baby plans, retirement plans, rural insurance coverage and group insurance coverage. Earlier in August, the Central Financial institution of India introduced it has emerged because the profitable bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and common insurance coverage enterprise.