Jan 22: Reliance Nippon Life Insurance Company Ltd (RNLIC), a subsidiary of the Anil Ambani controlled Reliance Capital Ltd, on Monday said that it has signed a comprehensive Bancassurance – corporate agency agreement with Bank of Maharashtra, one of the prominent public sector banks in Maharashtra.
According to Reliance Cap, this partnership is aimed at enhancing the bank’s customer proposition and positioning the bank as the most preferred financial services supermarket. This partnership further aims to maximize the distribution fee potential for the bank, it said.
“Bank of Maharashtra with its extensive network of branches enjoys great visibility across metro, urban, semi-urban and rural geographies across India, more particularly in the state of Maharashtra. The tie-up will enable Reliance Nippon Life Insurance to further its customer outreach,” the company added.
Commenting on this alliance, Ravindra Marathe, Managing Director, Bank of Maharashtra said, “we are delighted to partner with Reliance Nippon Life Insurance as this partnership will further complement the bouquet of financial solutions viz. protection, savings and investment solutions that we offer to our customers. RNLI, with a vast distribution coverage of over 700 branches, is uniquely positioned to service our customers and distribution operations across urban and rural markets.”
Shares of Reliance Capital were trading in red at Rs 524.50, down 0.87% from the previous closing of Rs 529.10, on BSE at 3 pm today.