ANDHRA PRADESH

APSFC clients to get United India’s insurance cover

Special Correspondent

HYDERABAD: Andhra Pradesh State Financial Corporation (APSFC) and United India Insurance Co. Ltd (UIIC) on Monday entered into a memorandum of understanding (MoU) for a business partnership.

Managing Director of the SFC A. Giridhar and UIIC’s deputy general manager K. Sanat Kumar said the MoU would enable the APSFC to earn fee-based commission for the business generated by it, as per IRDA guidelines. The SFC could sell the insurance cover to its clients obtaining loans for the setting up of small and medium enterprises. The insurance amount would be directly deducted from the loan amount itself.

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