Punjab & Sind Bank to sell Bajaj Allianz insurance products
By Our Banking Bureau | 12 Jun 2003
The bank has received the necessary licence from the Insurance Regulatory and Development Authority (IRDA) towards this end. "We are all set to begin this business," says Punjab & Sind Bank chairman and managing director N S Gujral.
In
addition to the advance portfolios of over Rs 6,200 crore,
the bank has numerous properties, vehicles and other assets
worth over Rs 1,000 crore. All these are now insured by
other companies.
Gujral says the foray into the insurance business will have a positive impact on the bank''s income and profitability. "The bank is also aiming to reduce the cost of deposits and improve its deposit mix as part of its strategy to fine-tune its fundamentals and bottomline."