Punjab National Bank (PNB) on Wednesday announced that it will discontinue the process of divestment in associate company Canara HSBC Life Insurance, the company stated in a regulatory filing. “The Exchange is hereby informed that on account of recent IRDAI Notification dated 05.12.2022 on IRDAI (Registration of Indian Insurance Companies) Regulations, 2022, the Board of Directors of the Bank in its meeting held on 28.02.2023, has accorded approval for withdrawal of the process for divestment of Bank’s stake in Canara HSBC Life Insurance Co. Ltd. The Bank shall hold its stake in the Company as an investor, subject to regulatory approvals,” the press release stated.The city-headquartered…
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