On 25 November 2014
Kotak Mahindra Bank announced that the Bank on 25 November 2014 received approval from Reserve Bank of India (RBI) to form a subsidiary to enter the General Insurance business.The Bank had earlier received an in-principle approval from 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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