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KOCHI, Dec. 24

LORD Krishna Bank has tied up with Bajaj Allianz General Insurance Company for distribution of general insurance products to the bank's customers and the public.

This will help the bank greatly since it is in the process of giving greater thrust to retail loan segment, Mr V.K. Gupta, Executive Director of the bank, said at a news conference here. Any customer taking a loan for a car can get it insured within the bank premises itself. Similarly, those availing of housing loans and credit for household goods can all avail of the insurance facility within the bank premises itself, Mr Gupta added.

Currently, the portfolio of retail credit of the bank is 11 per cent totalling around Rs 60 crore, which the bank plans to increase to Rs 200 crore during next year. The bank would also identify a partner for distributing life insurance products soon and would also enter into the distribution of mutual fund products.

"We are very positive about the alliance with Lord Krishna Bank with its wide network if 101 offices across 10 States, with a presence in urban, semi-urban and rural sectors," Mr Ranjit Kumar, Director of Bajaj Allianz, said. This will be the fourth tie-up with a bank for the insurance company, the earlier ones being with J&K Bank, Bank of Punjab and Bank of Rajasthan. .

Though the returns from bank insurance product still remains small, Bajaj Allianz expected it to gain momentum and contribute to around 30 per cent of its volumes soon.

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