Maharashtra based multistate scheduled bank Abhyudaya Cooperative Bank recently tied up with Exide Life Insurance Co. Ltd in Mumbai. Abhyudaya is rated as the fourth largest UCB in the country.
Commenting on the development Sitaram C. Ghandat, Chairman of the UCB “We are excited about collaborating with Exide Life Insurance and adding their unique insurance plans to our existing set of offerings”, he added.
Ghandat who is a hard-boiled cooperator and who struggled hard in the past to make the Abhyudaya Cooperative Bank number four in ranking said “We believe that through such offerings we will be able to add further value and enhance our savings and investment offerings and provide a wide range of products for the customers. Now our customers associated with 111 branches in more than two states including Maharashtra, Gujarat can avail the benefit”, he added on the phone.
A member of Legislative Assembly of the state in the past Ghandat said-we are having more than 2 lakh members and having a total business mix of about Rs 16 thousand crore. We are committed to providing excellent services to our customers”, he claimed.
Through this tie-up, the Abhyudaya bank will be able to leverage on product innovation, technology and best in class training offered by Exide Life Insurance.
Besides the Chairman the Bank’s Vice-Chairman Nityanand Prabhu, MD P S Salian, along with the officials from Exide Life and the Abhyudaya Bank were present on the occasion.
Apart from Exide Life Insurance, the Abhyudaya Bank is also offering Life insurance product of LIC of India, General Insurance product of New India Assurance Co and Health Insurance of Religare health Insurance to its customers.
The Abhyudaya Cooperative Bank established in 1965 with the motto of prosperity through Cooperation has earned a net profit to the tune of Rs 9.16 crore in the last financial year i.e. 2017-18.