Indian Bank, country’s public sector lender, has abandoned plans to float a separate subsidiary for taking up life insurance business as it plans to save capital and use it more favorably for its core business. The bank now aims to build a multiple-agency relationship system to augment life insurance business.
The bank plans to go for white-labeling of products so that Indian Bank's name appears on products being offered by various agency partners. Prior to this bank was looking to enter into an ownership alliance with an existing life insurance player by leveraging its branch network.
The bank‘s net profit for the quarter has moderately rose by 7.05% at Rs 525.93 crore as compared to Rs 491.29 crore for the December quarter of the previous fiscal. The bank’s total income has increased by 32.75% at Rs 3,505.26 crore for the quarter under review from Rs 2,640.58 crore for the December quarter of the previous fiscal.
