Karnataka - Hubli-Dharwad   

Bank forays into insurance

Staff Correspondent

Ties up with Bajaj Allianz to offer insurance product

HUBLI: The face of India has changed with the emergence of rural banks, R.S. Hugar, former Chairman of Corporation Bank, has said.

He was speaking after inaugurating a programme to mark the tie-up between Karnataka Vikas Grameen Bank (KVGB) and Bajaj Allianz Life Insurance Company Ltd. to market insurance products, in Dharwad on Monday evening.

Mr. Hugar opined that policy changes by the Government will help regional rural banks in offering better services.

Mukul Gupta, Chief Executive Officer, Bajaz Allianz Life Insurance, said privatisation of insurance has ensured that no company has monopoly in the sector. Since it is now open to competition, the benefits will reach the common man directly, he added.

Presiding over the function, Sridhar Rao, judge, Karnataka High Court, said unequal economic position is the root cause for the clashes between upper and lower classes. With Grameen banks ensuring credit, there is a significant improvement in the conditions of the poor, he added.

B.S. Surendra, Chairman of the bank, said the bank is committed to economic growth and social uplift of poor. It is in this context that the bank has entered the life insurance sector, he said.

On the very first day of the launching of insurance products, Karnataka Vikas Grammeen Bank sold over 3,000 policies and collected a premium amount of Rs. 1 crore, he said.

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