BUSINESS

Canara Bank venture gets IRDA nod

BANGALORE: The Insurance Regulatory and Development Authority (IRDA) on Thursday granted a licence to a joint venture company led by Canara Bank to launch life insurance products. Canara Bank holds 51 per cent stake in the joint venture, Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. Oriental Bank of Commerce (OBC) and HSBC Insurance (Asia-Pacific) Holdings Ltd. hold 23 per cent and 26 per cent, respectively. — Special Correspondent

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