21 December 2022: SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.), one of India’s leading co-operative banks today entered a bancassurance partnership with SBI General Insurance, a leading general insurer in the country. The agreement will enable the customers of the Bank to access the comprehensive suite of best-in-class general insurance products from SBI General Insurance at any of 198 branches across 11 states of India.
Commenting on the partnership, Mr. Durgesh Chandavarkar, Chairman, SVC Bank, said, “At SVC Bank, we are consistently working towards offering comprehensive products and solutions catering to diverse needs of our customers. Insurance penetration in India continues to be low and real financial empowerment would need efficient access to affordable insurance products. We are increasingly expanding our collaborations to cater to the holistic financial well-being of our customers. Our collaboration with SBI General Insurance is yet another step in the same direction.”
SBI General Insurance offers multiple general insurance products including health, personal accident, home, motor, and travel along with the commercial line of insurance products such as property, marine, and engineering insurance.
Adding to the initiative Mr. Anand Pejawar, Whole-time Director, SBI General Insurance, said, “SVC Bank is among the leading co-operative banks in the country with a demonstrated presence of over 116 years. The Bank caters to customers across 11 states and will significantly boost our product penetration in the key markets of growth. This tie up will help in enhancing the value proposition for the bank’s customers while allowing them to opt for insurance products to safeguard themselves from unforeseen events and risks.”