Financial Daily from THE HINDU group of publications
Wednesday, Feb 11, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 11, 2004 |
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Money & Banking
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Life Insurance United Bank to vend Tata AIG life products Our Bureau
Mr. Madhukar, CMD, United Bank of India
Kolkata , Feb. 10 UNITED Bank of India (UBI) is to go for bankassurance shortly and has accordingly tied up with Tata AIG. "We will sell select life insurance products of Tata AIG through our identified branches", Mr Madhukar, CMD of UBI, told Business Line here on Tuesday. Right now about 100 employees of the bank are undergoing training all over the country on selling insurance products as per the rules laid down by the Insurance Regulatory & Development Authority. Asked about the volume of insurance business the bank hoped to do during the remainder of the current fiscal, Mr Madhukar replied that he was opposed to setting targets from the top. "Let the field staff themselves decide on the volume of business they will be able to generate", he observed. UBI, the CMD said, would also launch debit cards within next two to three weeks. "It will be on VISA platform", he said. The credit card business, in partnership with State Bank of India's SBICard was doing well and in the first nine months of the current fiscal, the bank earned as much as Rs 5 lakh as fees, he said. "However, we are noe bing more careful in the matter of issuing the credit cards", he said. Meanwhile, the bank has received the Ministry's approval to create the posts of two more general managers. UBI currently has the sanctioned strength of seven GMS and one CVO ( chief vigilance officer) of the rank of GM. The posts of three GMS have been lying vacant for some time. This means the bank will be required to fill up the positions of five GMs including the two recently sanctioned. "We will finalise the selection shortly", the CMD observed. The audio-conferencing system installed in the bank's head office to have regular interaction with all the 28 regional managers located in different corners was proving to be of great help, he said and the Helpline (No. 1600-330-345), introduced for the first time for any bank to help all types of customers, had been a big hit, Mr Madhukar added.
More Stories on : Life Insurance | Public Sector Banks
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