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Dena Bank Looks for more Insurance Partners

May 28, 2018

Dena Bank Looks for more Insurance Partners

To expand its portfolio of providers of health, life, and general insurance products, public sector Dena Bank is inviting bids from the corporates. This comes in weeks after the central bank RBI imposed restrictions on its lending capacity under the Prompt Corrective Action (PCA) framework.

A senior official said that the bank is trying to increase the third-party income since it can’t generate the same through credit service. He said that the IRDAI (Insurance Regulatory and Development Authority of India) allows for the addition of new partners.

Presently, Dena Bank’s insurance partners include Apollo Munich Health Insurance Company, United India Insurance Company, LIC, and Chola MS General Insurance Company.

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