Two important players in the financial services sector namely Oriental Insurance Company Ltd and Punjab National Bank have come together to enter into a banc-assurance agreement in order to give a new direction to their mutual business relations. 

Under this agreement PNB’s customers would be able to avail Oriental Insurance products at competitive rates. Banc-assurance agreement was formally launched in a function presided over by Finance Ministry additional secretary G C Chaturvedi.

The Oriental Insurance Company was hopeful to earn a gross premium of nearly Rs 100 crore during the current fiscal through this tie up with PNB. At the same time the agreement would also help the bank in augmenting its revenue and providing general insurance products to customers.

Speaking on the occasion, Oriental Insurance Co Ltd CMD M Ramadoss said it was indeed a matter of pleasure and privilege for the company to enter into the agreement with reputed and big market player like PNB.

On his part, PNB CMD K C Chakrabarty conveyed his good wishes and said he was expecting Oriental Insurance to provide good quality of services to the bank customers.