Financial Daily from THE HINDU group of publications
Friday, Dec 13, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 13, 2002 |
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Money & Banking
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Alliances & Joint Ventures Corpn Bank's tie-up with LIC proving beneficial Our Bureau
KOCHI, Dec. 12 CORPORATION Bank's tie-up with LIC has proved mutually beneficial for both the parties concerned. While the LIC staff salary accounts are being increasingly transferred to Corporation Bank, the bank received corporate agency certificate from the regulators on Wednesday to sell LIC products through its 663 branch network the bank's Chairman, Mr K. Cherian Varghese, said here today. The bank has appointed 63 staff who have passed the requisite examination to sell the products. On the other hand, the bank has opened 10 ATMs, nine extension counters and two branches in LIC office premises. With the current boom in the retail market, the bank plans to extend greater focus to housing finance in the coming years. "The results are beginning to show," Mr Varghese said at a news conference here. While the bank had a housing loan portfolio of Rs 631 crore at the end of March 2002, the disbursals had grown to Rs 1,000 crore at the end of September and it was confident that the portfolio would more than double by the end of the current year.
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