IRDA permits Canara, HSBC, OBC to jointly launch Insurance Co

Chennai, May 9 (UNI) The Insurance Regulatory Development Authority (IRDA) has granted license to Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Ltd and Oriental Bank of Commerce (OBC) to jointly launch a life insurance company in India.

The new company, to be called Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd, has already been capitalised at Rs 325 crore, a release said here today.

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