Canara Bank and The New India Assurance Co. Ltd enter into Corporate Agency Arrangement
Bangalore, June 10, 2017: Canara Bank, one of the largest Public Sector Banks in the country and The New India Assurance Co. Ltd, India’s largest general insurance company today signed corporate agency agreement for the distribution of The New India Assurance Co.’s general insurance products through Canara Bank’s extensive network of 6000+ branches across the country.
While ShriLalit Vaid, General Manager, Marketing & R R Wing, HO signed the Corporateagency agreement on behalf of the Bank, Shri R M Singh, General Manager,Bancassurance Dept, HO executed the agreement on behalf of the Insurance Co.,in the presence of top Executives from Bank & Insurance Co. Under thisstrategic agreement The New India Assurance Co. Ltd will offer its industryleading general insurance products to the customers of Canara Bank. A bouquetof personal lines of products such as Motor Insurance, Home Insurance, HealthInsurance, Travel Insurance and commercial line of products such as FireInsurance, Marine Insurance and Engineering Insurance will be available throughbranches of Canara Bank.
Thepartnership aims to provide best-in-class general insurance products to CanaraBank Customers at highly competitive rates. The extensive branch network of theBank and the Insurance Co. will facilitate insurance penetration and smooth postsales service of policies.
Founded as'Canara Bank Hindu Permanent Fund' in 1906, by late Sri. Ammembal Subba RaoPai, a philanthropist, this small seed blossomed into a limited company as'Canara Bank Ltd.' in 1910 and became Canara Bank in 1969 afternationalisation. Today, Canara Bank is one of the leading public sector Banksin the country with a global business of Rs. 8.37 lac crore business and aclientele base of over 77.9 million as at 31.03.2017.
Canara Bankhas over 6000+ branches and over 10000 ATMs covering the length and breadth ofthe country. Known for its customer oriented approach, Bank has introducedseveral alternate banking channels like State of art Net Banking, MobileBanking and other Mobile Apps like UPI Mpower, Mserve, Canara Swipe, CanaraCart etc. These initiatives are taken to promote cashless economy, in tune withthe objectives of Govt. of India.
The Bank wasconferred with the following Major Awards/ Accolades recently:
·GoldenPeacock Award 2016 under CSR activities
·SKOCHAward 2016 for SME Enablement
·SMEExcellence Award for Best SME lending during 2015-16 by ASSOCHAM
·MSMEExcellence Award 2017 by Federation of Industrial Trade and Services (FITS)
·SKOCHOrder of Merit and Silver Awards 2016 for Bancassurance during 46thSKOCH Summit
·ASSOCHAMSocial Banking Excellence Awards 2016