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Tamil Nadu
KARUR: The Export Credit Guarantee Corporation of India (ECGC) and the Lakshmi Vilas Bank have signed an agreement that envisages the bank to market export credit insurance products of ECGC. Managing Director and Chief Executive Officer of LVB, V.S. Reddy and Chairman and Managing Director of ECGC, A.V. Muralidharan inked the pact here on Thursday. Speaking on the occasion Mr. Muralidharan said that ECGC was the world’s fifth largest credit insurer in terms of coverage of national exports. The Insurance Regulatory and Development Authority has recognized ECGC as a specialized institution operating exclusively in the field of credit insurance. The ECGC has been widening its marketing channels through bancassurance and broker channels. The Corporation operated through five regional offices and 51 branch offices all over India to serve the exporters and banks. The CMD said that the ECGC was striving to strengthen relationships and improve delivery service to customers. For the benefit of the exporters and banks, ECGC has been issuing customized specific covers as tailor made policies. Besides credit insurance, ECGC also offered “Factoring Services” to exporters in association with commercial banks. The Corporation would be shortly starting its services in the domestic credit insurance sector also whereby exporters can insure their domestic receivables and banks can protect their working capital finance granted against such receivables under separate covers. The modalities were being worked out, Mr. Muralidharan pointed out. For his part, Mr. Reddy said that the Corporate Agency agreement his bank had entered into with the ECGC would immensely benefit export customers who would get insurance protection against payment risks covered by the ECGC policies at the bank branch itself. The arrangement would result in customer convenience and debt protection, he observed. To facilitate all financial services under one roof and to augment the reach of insurance cover to customers, LVB has tied up for a bancassurance pact with AVIVA Life Insurance for marketing life insurance products, Bajaj Allianz General Insurance Company for general insurance distribution business and arrangements for distributing the mutual fund products of various reputed AMCs. The bank offered Western Union Money transfer facility through a pact with Weizmann Forex, Mr Reddy added.
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