Centurion Bank to foray into insurance

Our Banking Bureau
04 January 2005

Chennai: Centurion Bank has received shareholders'' approval for altering the "objects" clause in its Memorandum of Association.

The alteration involved the inclusion of "bancassurance" among the businesses being done by the bank. The Insurance Regulatory and Development Authority has asked banks to incorporate this in their "objects" clause, if they are engaged in the business of insurance, either as principal or as a corporate agent.