MP cooperative Apex Bank forays into insurance

Bhopal, July 24 (UNI) Madhya Pradesh Chief Minister Shivraj Singh Chouhan today said, in today's competitive times, the entry of the state cooperative Apex Bank in the insurance sector was a historic step towards economic strengthening.

Speaking on the occasion of Aviva Life Insurance Company and the bank inking an MoU here, Mr Chouhan said, ''the MoU reflects the cooperative mission's ideology. In two years, the bank earned a profit of Rs 104 crore.'' Aviva will now be able to access 57 lakh prospective clients and was presented a Rs 20 lakh cheque.

The Chief Minister unveiled the bank's new logo and said, ''the state government is mulling over reducing interest on farm loans from seven to five per cent. The poor and the labourers will be provided insurance cover.'' ''Farmers will be provided insurance through 200 branches,'' said Aviva MD W Peterson.

Among those present was bank Chairman and Cooperatives Minister Gopal Bhargava.

UNI