Union Bank of India has been allowed to continue with its 30% share in IndiaFirst Life Insurance Co. The approval, however, comes with a rider that the bank will not hold any control in the management of the company. IRDAI had introduced guidelines stipulating that no bank can hold more than 10% in insurance companies. The bank was therefore planning to divest part or whole of its stake in the insurance company. The bank had received the stake in the company following the merger of Andhra Bank, which was a promoter of the company, with it. The bank also holds 25.1% stake in Star Union Dai-Chi Life Insurance Co.
