The Central Bank of India has received approval from the Reserve Bank of India (RBI) to enter the insurance sector in collaboration with Generali Group.

This approval is subject to regulatory norms and the consent of the Insurance Regulatory and Development Authority of India (IRDAI).

The announcement was made on November 22.

Earlier, on October 15, the Competition Commission of India (CCI) had approved Central Bank's acquisition of stakes in Future Generali India Insurance and Future Generali India Life Insurance.

Central Bank successfully bid for these stakes in the insurance ventures, which are part of Future Enterprises, previously led by Kishore Biyani.

In 2022, the National Company Law Tribunal (NCLT) initiated insolvency proceedings against Future Retail Limited (FRL) after a petition from Bank of India due to loan defaults.

This background sets the stage for Central Bank's strategic entry into the insurance market, with the aim of expanding its financial services portfolio.