Bangalore: Vijaya Bank and United India Insurance Company on Thursday signed a MoU for distributing the latter’s general insurance products at the Bangalore-based lender’s branches.
Vijaya Bank Chairman and managing director Albert Tauro and United India Insurance Company Ltd chairman and managing director G Srinivasan inked the MoU at a function held here.
The non-life insurance products of United India Insurance Company will be marketed through Vijaya Bank’s 1,160 branches, Tauro said.
The bank, which achieved Rs1 lakh crore business in 2009-10, is on course to achieve the current year’s target of Rs1.26 lakh crore, he said.
Srinivasan said the penetration of general insurance was just 0.6% of the country’s GDP, which was very low.
United India Insurance, which did Rs5,239 crore worth of business last year, aims at breaching the Rs6,000 crore mark this year, he said.