RBI approves Zurich's 70% stake in Kotak Bank’s insurance arm

Daily Current Affairs / RBI approves Zurich's 70% stake in Kotak Bank’s insurance arm

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Category : Business and economics Published on: June 08 2024

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The Reserve Bank of India (RBI) has approved Zurich Insurance Company's acquisition of a 70% stake in Kotak Mahindra General Insurance for ₹5,560 crore, marking a key milestone in the transaction process.
Kotak Mahindra Bank confirmed in an exchange filing on June 5, 2024, that with the RBI's approval received on June 4, all necessary regulatory approvals for the acquisition have been obtained, and the deal will proceed upon meeting other required conditions.