Corporation Bank Launches Group Insurance Scheme for Borrowers [ Current Affairs - Economics ]
Chief executive officer and managing director Jai Kumar Garg of Corporation Bank launched a ‘Group Credit Life Insurance Scheme’ of Life Insurance Corporation of India. The scheme made available initially at all the branches of Mangaluru Zone.
- It will later be extended to all the branches of the bank.
- Scheme is available to customers in the age group of 18-60 years and they take a term loan from the bank.
- This scheme is a single premium group term insurance plan offering insurance cover to the loan taken by the customer, in the incident of death of the borrower.
Scheme includes various term loans including retail loans like:
- Personal loan
- Home loans
- Vehicle loans
- Loans to MSME and agriculture
About Corporation Bank:
- Corporation bank is established in 1906 and it’s a Mangalore-based mid-sized public sector bank.
- In this bank Indian Government is the majority shareholder holding 59.82% stake.
Corporation Bank has a wide-ranging network of over 9,000 centres across India including:
- 2,061 branches
- 2,599 ATMs
- 4,349 branchless banking units
- Published on: August 8, 2016