MBGB signs MoU with Bajaj Allianz for insurance products

Patna, Jan 15 (UNI) The Madhya Bihar Gramin Bank (MBGB), one of the largest profit-making cooperative banks in the state, has joined hands with leading insurance player Bajaj Allianz for distributing wide range of products through its extensive branch network.

In order to finalise the deal, a Memorandum of Understanding (MoU) between the two was signed here today in presence of MBGB Chairman S K Bansal and Bjaj Alliaz General Manager A K Singh and several other senior officials of both the organisations.

Later, speaking on the occasion, Mr Bansal referred to the huge scope of selling Bajaj Alliance General Insurance products in Bihar and announced that as many as 15 of the top Bajaj products, catering to diversified needs of the general public, would be available for sale in all the 400-odd MBGB branches in the state from today.

Expressing similar views about the sale prospect of BAJAJ Allianz general insurance products, Mr Singh said following the tie-up with the MBGB, they expected to serve the entire 20 million rural and semi-urban population in Bihar 'satisfactorily'.

''As all our products are customer-friendly, we hope to receive generous support from the MGBG customers in every district,'' Mr Singh pointed out.

Both the officials described the potential of increasing their business volume following the introduction of insurance scemes as ''huge''.

Incidentally, this was Bajaj Allianz's first joint venture in the private banking sector in Bihar.

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