Financial Daily from THE HINDU group of publications
Tuesday, Apr 25, 2006
Financial Daily from THE HINDU group of publications Tuesday, Apr 25, 2006 |
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Money & Banking
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Public Sector Banks Marketing - Channels and Franchises Union Bank bancassurance earnings up Our Bureau
Chennai , April 24 Selling insurance and mutual fund products earned Union Bank of India a fee income of Rs 20 crore last year, compared with Rs 12 crore in the previous year. The bank has now set a target of Rs 50 crore for the current year. According to Mr Mohan Tanksale, General Manager, the Rs 50-crore target is feasible mainly because "my life insurance sales are doubling every year." Union Bank sells HDFC Standard Life's products; it earned Rs 12 crore by way of commission last year. Last year, the bank earned for HDFC Standard a premium income of Rs 50 crore. Mr Tanksale told Business Line that it would not be difficult to collect first premium income of Rs 100 crore in the current year. He added that the bank's recently introduced products should fetch more commission income. One is a mediclaim product for a family of four, offered in collaboration with New India Assurance. Expected commission income from this product is Rs 4 crore. The other product is online trading facility for demat account holders.
More Stories on : Public Sector Banks | Channels and Franchises | Life Insurance | Mutual Funds
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