Chennai, June 14: The Chennai-based Bharat Overseas Bank Ltd has tied up with the National Insurance Company (NIC) for distribution of the latter's general insurance products. Under the tie-up, NIC would aim at covering assets worth Rs 1500 crore financed by BOBL in the first year, G Krishnamoorthy, chairman and CEO of BOBL, said in a release here today.
He said the bank would also focus on Mediclaim, group insurance and other individual related products and initially it would start 'bancassurance' at 10 branches in four metros as well as Bangalore and Hyderbad under the tie up.

"The tie-up is expected to boost the non-fund based income of the bank," he said.
BOBL with its total business crossing Rs 3000 crore in the last fiscal, is now on a "high trajectory of growth", and bancassurance is an important new vista in BOBL's parabanking activity, he added. Bureau Report