Bandhan Group, which mainly has banking, mutual fund and microfinance operations, plans to enter the insurance business first through general insurance and later through life insurance, CNBC-TV18 reported on Tuesday.

Bandhan Group officials recently met the country's insurance regulator in this regard, CNBC-TV18 reported, citing people familiar with the matter. The group is open to both organic and inorganic routes and is in talks with several general insurers for a potential acquisition, the report said, without disclosing any names.

The group manages Bandhan Financial Holdings, the holding company for Bandhan Bank Ltd, which currently offers insurance as a third-party agent, according to its website.

Bandhan Bank's shares closed 5.4% lower on Tuesday in their eighth straight session of losses.