INDIAN LIFE INSURANCE JOINT VENTURE GETS LICENCE

A life insurance joint venture backed by three prominent banks has been given the go-ahead by India’s Insurance Regulatory and Development Authority (IRDA). India's Canara Bank, Oriental Bank of Commerce and HSBC Insurance Asia-Pacific Holdings have got together to create the insurer, which is capitalized at Rupee3.25bn. HSBC has a 26% stake in the new company which will be called Canara HSBC Oriental Bank of Commerce Life Insurance Company. That is the maximum stake that a foreign company can hold in an Indian insurer.