Karur Vysya Bank has signed a memorandum of understanding (MOU) with SBI life Insurance Company for providing GMRA policy cover to the bank's housing loan customers under group insurance. The Bank has also executed a master policy with BSLI for offering the GMRA policy under the group insurance.
Further, the bank has a tie up arrangement with LIC of India in offering the same product and it is being offered since 2004-2005.
Karur Vysya Bank is among 6 old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.