A recent press report said that IndiaFirst Life Insurance has tied up with five Regional Rural Banks (RRBs) in order to sell its products to customers in the surroundings.
Reports said that the insurer has tied up with Bank of Baroda -sponsored RRBs namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank, besides Nainital-Almora Kshetriya Gramin Bank and Jhabua-Dhar Kshetriya Gramin Bank. Grameen Banks are best known for their services and system of solitary lending (personal loan, agricultural loans, business loan etc.)
Mr. P Nandagopal Managing Director and CEO of IndiaFirst Life Insurance said that the new tie-up will help the company to serve customers in rural areas in a better and effective way. He also said that there is an urgent need in the country to not only taking financial services to the rural population but also to make them financially literate for true development to take place.
Reports also said that the insurance company is a joint venture between Bank of Baroda, Andhra Bank and UK’s leading risk, wealth and investment company Legal and General. Bank of Baroda holds a 44% stake in the firm, while Andhra Bank and Legal and General 30% and 26% respectively.