Dhanlaxmi Bank, one of India’s fastest growing mid-size private sector banks, has entered into a Memorandum of Understanding (MoU) with Life Insurance Corporation of India (LIC) facilitating policyholders to receive policy payments through electronic funds transfer.
According to the agreement, the bank will provide electronic payment services to the corporation using National Electronic Funds Transfer (NEFT) mode to credit funds to the policyholders’ bank accounts.
This move is not only going to directly benefit customers of Dhanlaxmi Bank who hold LIC policies but also aid LIC policyholders having accounts with other banks. The bank will use the NEFT facility to transfer funds to policyholders’ account across other banks.
Dhanlaxmi Bank is an 84-year old bank with a network of over 275 branches and 460 ATMs covering 160 centers across 14 states, the bank services a broad customer base of 1.6 million. The bank provides a suite of banking products and services to its customers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Small and Medium Enterprises Group.
