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Our Bureau

Mumbai , July 7

BANKS excluding RRBs can now approach any general insurance company to provide personal accident cover to Kisan Credit Cardholders.

As per the earlier arrangement, banks had to be serviced by designated general insurance companies on a zonal basis.

In a circular issued by RBI, banks are now allowed the discretion to approach either a GIPSA (General Insurers' Public Sector Association of India) member company or any private sector company to take advantage of the competitive rates they offer.

However, banks have been asked to work out an appropriate premium sharing formula, coverage etc while negotiating with the insurers.

RBI hopes that with banks having the freedom to opt for any insurance company, they (banks) can play a proactive role in providing social security cover to farmers.

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