Financial Daily from THE HINDU group of publications
Tuesday, Feb 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 24, 2004 |
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Money & Banking
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Public Sector Banks United Bank to sell Tata AIG products Our Bureau
Mr Madhukar, Chairman & Managing Director, United Bank of India, with Mr Farrokh Kavarana, Chairman, Tata AIG Life Insurance Co Ltd, at a press conference in Mumbai on Monday. - - Shashi Ashiwal
Mumbai , Feb. 23 UNITED Bank of India plans to increase its focus on the rural segment of its business in the near future. Towards this end, the bank has entered into a bancassuarnce tie-up for the distribution of the products of Tata AIG Life Insurance Company. Under the tie-up, UBI will offer the entire range of life insurance products of Tata AIG to its customers through its branch network, which is over 1,300, of which over 600 branches are located in rural areas. "UBI has a significant presence in rural and eastern India. This partnership will enable us to enhance our presence in the east and strengthen our commitment to reach out to the rural population," said Mr Farrokh Kavarana, Chairman, Tata AIG Life Insurance Company Ltd. According to officials with the insurance company, the tie-up is not just an endeavour to help meet the mandatory rural obligations of insurance companies, but a business proposition on a self-sustainable basis. Products have been simplified for the rural masses. Mr Madhukar, Chairman and Managing Director, United Bank of India, said, "Our target is that all customers in the rural sectors should be covered."
More Stories on : Public Sector Banks | Life Insurance
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