Karnataka

Grameena Bank signs MoU for bancassurance

Soly Thomas, Emerging Channel Head, Canara HSBC, exchanging an MoU with P. Gopi Krishna, chairman of Karnataka Vikas Grameena Bank, in Dharwad on Monday.

Soly Thomas, Emerging Channel Head, Canara HSBC, exchanging an MoU with P. Gopi Krishna, chairman of Karnataka Vikas Grameena Bank, in Dharwad on Monday.   | Photo Credit: SPECIAL ARRANGEMENT

more-in

Karnataka Vikas Grameena Bank (KVGB) and Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. signed an MoU for bancassurance (for selling life insurance products through the branches of KVGB) here on Monday.

According to a release, the bank will market products of Canara HSBC through its 636 branches. KVGB general manager I.G. Kumar Goud and Canara HSBC CEO Anuj Mathur signed the MoU.

Speaking afterwards, P. Gopi Krishna, chairman, KVGB, said that KVGB has consistently enhanced its portfolio to meet the diverse financial needs of its customers, and this alliance was another step in that direction. “It will help KVGB customers to have access to a range of products covering their core financial needs and will deliver good value through the range of solutions the company offers,” he said.

Apart from undertaking its usual business, the bank is committed to rural development and to improving the social fabric of rural society, he added.

Soly Thomas, Emerging Channel Head, Canara HSBC, said the insurance company is jointly owned by two of the leading public sector banks — Canara Bank (51%) and Oriental Bank of Commerce (23%) — and HSBC Insurance (Asia Pacific) Holdings Ltd. (26%), the Asian insurance arm of one of the world’s largest banking and financial services groups. The company has access to over 115 million customers and a pan-India network of over 10,000 branches of bank partners.

Pradeep Gopalaiah, vice-president and RRB Channel Head, Canara HSBC OBC Life Insurance Co Ltd., said bancassurance products have been showing good growth, particularly the traditional ones. “We are a pure bancassurance company and our growth rate was 50% last year. All the life insurance products of Canara HSBC OBC Life Insurance will be made available to customers of KVGB,” he said.

Why you should pay for quality journalism - Click to know more

Related Topics Karnataka
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Dec 8, 2019 3:00:15 AM | https://www.thehindu.com/news/national/karnataka/grameena-bank-signs-mou-for-bancassurance/article30141222.ece

Next Story