Justice K Shridhar Rao of Karnataka High Court has called upon the insurance companies and banks to work towards providing the economic freedom to the people as stipulated by the Constitution. | |
| Presiding over the function to launch the `Bancassurance Yojana' at Karnataka Vikas Grameena Bank here on Monday, he said the rural population was deprived of the knowledge and benefits of insurance schemes. |
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| He hailed the Karnataka Vikas Grameena Bank for tying up with the Bajaj Allianz Life Insurance in reaching out to the rural populace. |
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| "It is better that the tractor owners and rural employers understand the importance of insurance and cover themselves from the risks" he asserted. |
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| CEO of Bajaj Allianz Mukul Gupta said his company had tied up with seven regional rural banks sponsored by Syndicate Bank in the country in a bid to reach out to the rural population and the KVGB was the first to start business. |
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| He said the Syndicate Bank did life insurance business of more than Rs 48 crore and earned a total commission of Rs 6 crore in 2004-2005. |
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| Former chairman of Corporation Bank R S Hugar inaugurated the programme and said the banks had a social responsibility also and they should work in that direction besides earning profits. |
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| KVGB Chairman B S Surendra said the Bank had collected Rs 1 crore as premium on the inaugural day with 3,000 persons taking the policies. |
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| Life insurance policies were issued to the policyholders at the function. |
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