Karur Vysya Bank has entered into an arrangement with SBI Life Insurance to market their insurance schemes through the branches of the Bank. The agreement was signed at Chennai on 23rd March 2023.
Karur Vysya Bank is a major player in the South with strong presence in Urban, semi-urban and rural locations. SBI Life Insurance which is one of the most trusted insurance companies in India would leverage the strengths of the bank to market its schemes.
Commenting on the arrangement, Shri B Ramesh Babu, MD & CEO of Karur Vysya Bank said, "KVB with its tradition spanning over 105 years is a major player, particularly in the States of Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. KVB offers the entire range of financial services through tie ups with leading service providers. In an attempt to offer a wider choice to its customers in the life insurance sphere, KVB has today inked an agreement with SBI Life. I am sure that together both of us will be able to provide not just choice but quality options to the customers in the days to come."
Speaking about the partnership, Mr. Mahesh Kumar Sharma, MD & CEO, SBI Life Insurance, said, "Partnership alliances provide a boost to the insurance sector by making holistic insurance solutions accessible to the larger populace across the country. We are thrilled to collaborate with Karur Vysya Bank, that brings with it vast experience of over a century, adding value to their customers. We look forward to strengthening the financial immunity of Karur Vysya Bank's customers with our valuepacked life insurance solutions and tech-enabled services. We are confident that the partnership will further enable us to expand the insurance market across the bank's presence in the country."
Shares of Karur Vysya Bank Limited was last trading in BSE at Rs. 104.20 as compared to the previous close of Rs. 101.55. The total number of shares traded during the day was 228544 in over 3555 trades.
The stock hit an intraday high of Rs. 104.90 and intraday low of 101.55. The net turnover during the day was Rs. 23652676.00.