United Bank of India has signed a memorandum of understanding (MoU) with Bajaj Allianz Life Insurance, wherein Bajaj Allianz will act as a channel partner for loan protection of the bank’s borrowers.
The MoU was entered into on December 9.
The MoU was signed in the presence of Ramchandra Pandit, Senior Vice-President, Bajaj Allianz Life Insurance Company Ltd, Sanjay Arya, Executive Director of the bank, and other senior executives.
Interestingly, the Kolkata-based lender will be the sixth public sector bank with which the private insurer has tied-up for loan protection of the bank’s borrowers.