Punjab & Sind Bank to sell Bajaj Allianz insurance products

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.

domain-B''s currency converter - check it outIn 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."