India’s Bandhan Group, which mainly has banking, mutual fund and microfinance operations, plans to foray into the insurance business, first through general insurance and then via life insurance, CNBC-TV18 reported.
Bandhan Group officials recently met the country’s insurance regulator in this regard.
The group is open to both the organic and inorganic routes and is in talks with many general insurance companies for a potential acquisition, the report said, without disclosing any names.
The Insurance Regulatory and Development Authority of India and Bandhan Group did not immediately respond to Reuters’ requests for comment.
The group manages Bandhan Financial Holdings, the holding company for Bandhan Bank Ltd, which currently offers insurance as a third-party agent.