[sbinews] SBI arm to insure tractors in MP (Business Standard)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Tue, 4 May 2004 22:03:25 -0700 (PDT)
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SBI arm to insure tractors in MP
(Business Standard)
Shashikant Trivedi / Bhopal May 04,2004
To expand its market, SBILIFE, a subsidiary of the
State Bank of India, has launched a scheme to insure
tractors in Madhya Pradesh.
?With the tractor market in the state booming, we plan
to register 2,000 policies a year,? S Krishnamurthy,
SBILIFE managing director and chief executive officer,
told Business Standard.
Madhya Pradesh, according to Nabard, has more than
200,000 tractors and the number is rising at the rate
of 8 per cent. ?More than 400 tractors are sold in MP
every month. We aim at covering around 50-60 per cent
of these sales,? he said.
Remarking that the performance of the Bhopal circle
was the best, he said: ?We have covered over 100,000
lives in the state in the last three year.?
Krishnamurthy said the company would also reach out to
self-help groups in the state to cover the rural
population. ?We plan to cover around 5,000 self-help
groups in the state this year,? Krishnamurthy said.
He said the company would enter into tie-ups with more
banks to sell its insurance products. ?We have tied up
with the Union Bank of India and the United Bank of
India and are in discussions with few more banks to
sell our products at their counter,? he said.
The company would also launch a new product in August,
Krishnamurthy said.
?A unit-linked plan is on the anvil. We are likely to
launch it in August,? he said.
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