Question: Recently leading public sector bank Canara Bank and private general insurance firm Bajaj Allianz have signed an agreement, Both have set a target to achieve business of how much amount in the first year FY 2017-18 of operations?
(a) 200 Crore
(b) 300 Crore
(c) 400 Crore
(d) 500 Crore
Ans: (c)
Related facts:
- On 26 November 2016 Canara Bank &Bajaj Allianz General Insurance, signed a corporate agency agreement.
- It was done for the distribution of Bajaj Allianz’s general insurance products through Canara Bank’s extensive network of 5920 branches across the country.
- Under this strategic agreement, Bajaj Allianz General Insurance will offer its industry leading general insurance products to the customers of Canara Bank.
- A bouquet of personal lines of products such as Motor Insurance, Home Insurance, Health Insurance, Travel Insurance and commercial line of products such as Fire Insurance, Marine Insurance and Engineering Insurance will be available through branches of Canara Bank.
- The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the Bank.
- Both have set a target to achieve Rs 400 crore business in the first year (FY 2017-18) of operations.
Reference:
http://www.canarabank.com/media/3403/press-release-canara-bank-and-bajaj-allianz-general-insurance-tie-up-for-distribution-of-insurance-products-29112016.pdf
http://indiatoday.intoday.in/story/bajaj-allianz-general-insurance-and-canara-bank-tie-up-%C2%A0-%C2%A0/1/820312.html
http://www.thehindu.com/business/Industry/Bajaj-Allianz-General-Insurance-and-Canara-Bank-tie%E2%80%94up/article16706624.ece