BOM to enter insurance sector in one month

Kolkata, Jul 6(UNI) Bank of Maharashtra is contemplating to enter the non-life insurance sector with Sreeram Group of Finance and rope in a foreign partner.

Speaking to UNI here today, BOM CMD M D Mallya said, ''We will take a final decision on the matter within a month. We are currently negotiating with the Sreeram Group.'' ''We may enter in a three way joint venture with the two companies,'' he said adding Shreeram Group might be a strategic partner.

Talking about financial inclusion, the BOM CMD said the financial inclusion not only mean bringing providing credit to the unbanked but to bring these people into the folds of the bank and make the bank's services available to these people.

BOM has implemented 100 per cent FI in Jalana district of Maharashtra by offering no-frill accounts and general purpose credit card.

'' We will replicate the model in 19 other districts in the next one year,'' he added.

BOM would tie up with a number of banks to ensure FI in all the 19 districts.

UNI