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Punjab
& Sind Bank to sell Bajaj Allianz insurance products
Our Banking
Bureau
12 June 2003
New
Delhi: Punjab
& Sind Bank will market insurance products from Bajaj
Allianz General Insurance Company.
The
bank has received the necessary licence from the Insurance
Regulatory and Development Authority (IRDA) towards this
end. "We are all set to begin this business,"
says Punjab & Sind Bank chairman and managing director
N S Gujral.
 In
addition to the advance portfolios of over Rs 6,200 crore,
the bank has numerous properties, vehicles and other assets
worth over Rs 1,000 crore. All these are now insured by
other companies.
Gujral
says the foray into the insurance business will have a
positive impact on the bank's income and profitability.
"The bank  is
also aiming to reduce the cost of deposits and improve
its deposit mix as part of its strategy to fine-tune its
fundamentals and bottomline."
List of reports on Punjab
& Sind Bank
List
of reports on Bajaj Allianz General Insurance Company
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