With this partnership, SBI General Insurance has extended its distribution channels in the southern market and will distribute its insurance products across all the branches of Karnataka Gramin Bank. The extensive local presence of the bank will be an added advantage for the insurance company.
Speaking on this alliance, Mr. Pushan Mahapatra, MD & CEO, SBI General Insurance, “We are pleased to announce the tie-up with such a prestigious bank in the state of Karnataka. The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. At SBI General insurance, we strive to reach out to the furthest part of the society and spread awareness on insurance, and this partnership is in line with our objective. This association will leverage the strengths of both the companies, bringing Karnataka Gramin Bank’s customers a comprehensive suite of general Insurance products.”
Karnataka Gramin Bank is the biggest RRB of India having presence in 21 districts of Karnataka with 1167 branches. The bank has a business turnover of 46500 cr and is servicing 1.58 cr customers across Karnataka. The deal will benefit the bank’s retail and SME customers spread across rural, semi urban and urban areas of Karnataka state.