Kathmandu. India’s Central Bank of India has entered the insurance sector. The bank has entered the insurance sector by buying 24.91 percent stake in Future Genre India Insurance Company. The deal expired on June 4.
Central Bank has bought this stake from Future Enterprises. The company which is burdened with debt. At present, it is on the verge of turning upside down.
The agreement is part of the resolution plan approved by the Committee of Creditors (CoC). In which future enterprises’ stake in the insurance company has been sold.
In August 2024, central bank bid to buy a stake in Future Enterprises’ insurance company. which succeeded.
Central Bank has bought 350 million 630 thousand 136 units of shares of the insurance company for Rs 4.51 billion. For this, the central bank had taken approval from the Competition Commission of India (CCI), the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI). – Agency
