In a submitting to inventory exchanges, the state-owned financial institution stated the RBI accorded the approval vide a letter dated November 21, 2024.
“…we wish to inform that the Reserve Financial institution of India (RBI) vide its letter dated twenty first November 2024 has accepted the financial institution’s entry within the insurance coverage enterprise via a three way partnership with Generali group beneath FGIICL and FGILICL, topic to steady compliance of circumstances stipulated by it and approval of IRDAI, the sectoral regulator,” the submitting stated.
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, industrial insurance coverage, social, and rural insurance coverage, amongst others.
FGILICL offers financial savings insurance coverage, funding plans (ULIP), time period insurance policy, medical health insurance plans, baby plans, retirement plans, rural insurance policy and group insurance policy. 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 basic insurance coverage enterprise.
