Banking regulatror RBI has approved state-owned Central Bank of India’s entry into the insurance business through a joint venture with Generali group, subject to compliance of norms and approval of insurance IRDAI, the company informed exchanges on November 22.

On October 15, the Competition Commission of India (CCI) had cleared Central Bank’s proposed acquisition of stakes in Future Generali India Insurance (FGIIL), and Future Generali India Life Insurance (FGLIL). In August, Central Bank had emerged as the successful bidder to acquire stake of debt-ridden Future Enterprises’ (FEL) life and general insurance ventures. FRL was the flagship firm of the Kishore Biyani-led group.

Back in 2022, the National Company Law Tribunal (NCLT) had ordered insolvency proceedings against debt-ridden FRL, after allowing a petition filed by Bank of India (BoI) following loan defaults by FRL.