Kotak Insurance in pact with Ratnakar Bank

Kotak Life Insurance (KLI) has now joined the Kolhapur-based The Ratnakar Bank Ltd (RBL). KLI would now be able to tap the strong customer base of RBL, which also would gain by the new non-banking business.

When asked about the benefits of the joint venture, KLI's managing director Gaurang Shah pointed out that the tie-up with the bank, which enjoys a strong base in the western Maharashtra, will further supplement KLI's growth.

The partnership is a win-win alliance and with great potential KLI will now be able to reach out to 5.5 lakh customers of the bank, which has vast network and good brand equity and image among the scheduled banks in the country.

While disclosing the benefits for the bank following the tie-up, Subhash Kutte, RBL's chairman and managing director, said that as a scheduled commercial bank with 63 years of experience, the bank enjoys a loyal customer base through 77 branches in Maharashtra and Karnataka and also in Goa, Gujarat and New Delhi.

RBL, which is very sound and maintains a CRAR of 10.77 percent, substantially above the benchmark of 9 per cent stipulated by the Reserve Bank of India, will soon reach its own fund level of Rs 300 crore.

The tie-up with KLI would enable the bank to reach out to all segments of society and offer life insurance cover at appropriate rates and good returns.

The alliance was formally announced here on Sunday.