Shamrao Vithal Co-operative Bank has renewed its tie up with Bajaj Allianz Life Insurance Company, one of India’s leading private life insurers, for the second consecutive term, further strengthening the relationship between the two organizations The arrangement will make available the wide array of Bajaj Allianz Life’s products to over ten lac customers spread across 7 states & 126 select branches. The wide range of product also include group insurance plans that are economically priced and are meant for covering certain class of loan borrowers of the bank.
The Memorandum of Understanding [MoU] was signed by Shrinivas D Joshi, CEO, Shamrao Vithal Co-operative Bank and Ramchandra Pandit, Head- Bancassurance ,Brokers & NRI Business, Bajaj Allianz Life Insurance Company.
Speaking on the occasion, Shrinivas D Joshi, CEO, Shamrao Vithal Co-operative Bank said, “We are pleased to carry on our association with Bajaj Allianz Life Insurance for the second term in a row. The insurer’s strong brand, their product suite, wide servicing network, their deep understanding of our customer segments coupled with our strengths in our niche segments has proven to be a successful partnership and we hope we can take this further in the coming years.
Ramchandra Pandit ,Head- Bancassurance, Brokers and NRI Business, Bajaj Allianz Life Insurance said, It is a matter of great privilege to be associated with Shamrao Vithal Co-operative Bank, which is a one of the leading Multistate Co-operative bank in the country. This association will enable us to strengthen our commitment to reaching out to all strata of the population through a wide range of Insurance products that address the varying needs of the Bank customers
The Shamrao Vithal Co-operative Bank Limited was founded in 1906 when co-operation was just beginning to gain ground in the country. It was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises, to encourage savings and to create funds for providing financial aid to deserving members. Rao Bahadur Shripad Subbarao Talmaki, the Maharshi of Co-operation, was the main architect of the Bank.
The Bank was originally registered as a Co-operative Credit Society on 27th December 1906 and has grown to become the third largest Cooperative bank in the country with strong presence in 7 states with 126 branches. It has recorded a total business of Rs. 12677.48 Cr and net profit of Rs. 83.01 in FY 2011-12.