In a statement issued here, Reliance General - a subsidiary of Reliance Capital Ltd - said the bancassurance agreement - corporate agency agreement - has been inked to distribute insurance products to the bank's customers.
The tie-up will further augment Reliance General's distribution network as YES Bank has a network of 1,040 branches across 29 states and seven union territories having large base of retail and micro, small and medium enterprises.
This is the first partnership signed by the bank since the open-architecture norms under the Corporate Agency regulations were introduced by Insurance Regulatory and Development Authority of India in April 2016.
"YES Bank is pleased to partner Reliance General Insurance to offer a bouquet of general insurance products to our customers," Rana Kapoor, Managing Director and CEO, YES Bank was quoted as saying in the statement.
"With this alliance, we remain committed to leveraging our Pan-India branch network to capitalise on the immense opportunities in the Indian bancassurance market."
According to the statement, Anmol Ambani, Executive Director, Reliance Capital, said: "We are delighted to tie up with a fast-growing and customer centric partner like YES Bank.
"The bancassurance channel has potential to reach out to the last mile and serve untapped markets thereby promoting the insurance penetration in India. With the alignments of our brands, people and processes, we hope to better serve our customers."