Following approval of RBI to form a subsidiary to enter general insurance business
Kotak Mahindra Bank announced its plans to foray into general insurance business. The Bank has received approval from Reserve Bank of India to form a subsidiary to enter the General Insurance business.The Bank had earlier received in-principle approval from the Insurance Regulatory and Development Authority (IRDA) for incorporation of a General Insurance company. The company would now be required to apply and complete the registration process with IRDA to act as a General Insurance Company, subject to the provisions of Insurance Act 1938, Companies Act, 2013, regulations notified by IRDA and all other laws prevailing in India.
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