RBI approves Central Bank buying stakes of Generali group’s Indian companies

The Reserve Bank of India (RBI) has approved state owned Central Bank of India’s entry into the insurance business through a joint venture with Generali group under Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company(FGILICL), subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the sectoral regulator. Earlier, the Competition Commission of India (CCI) had approved the proposed acquisition of Future Enterprises Ltd’s (FEL) 24.91 per cent stake in Future Generali India Insurance and 25.18 per cent shareholding in Future Generali India Life Insurance by Central Bank of India.