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Thursday, August 28, 2008 (20:34:17) |
| Tags : Insurance, Bancassurance, Export, Bank |
Export Credit ties up with Lakshmi Vilas Bank |
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| Chennai: The state-run Export Credit Guarantee Corporation of India Limited (ECGC) has entered into a bancassurance agreement with Lakshmi Vilas Bank for distribution of export credit insurance products, a top official said today. Bancassurance, which is French term, refers to selling of insurance (assurance) products by a bank
"Exporters can insure their domestic receivables and banks can protect their working capital finance granted against such receivables under separate insurance covers," ECGC chairman and managing director A V Muralidharan said after signing the deal in Karur, Tamil Nadu. According to the agreement, LVB will sell ECGC's export credit insurance products to its clients across its branches. Muralidharan said that ECGC was widening its marketing channels through bank assurance partnerships.
The bank's corporate agency agreement with ECGC would be beneficial for the exporter customers, who would get insurance protection against payment risks under various ECGC policies at the bank branches itself, said LVB managing director and chief executive V S Reddy. This arrangement will result in customer convenience and debt protection, he added. (IANS) |
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