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PNB MetLife strengthens its rural presence in Uttar Pradesh with RRB partner Sarva U.P. Gramin Bank
PNB MetLife India Insurance Company Limited (PNB MetLife), today, launched its business operations with Sarva U.P. Gramin Bank - the first Regional Rural Bank (RRB) sponsored by Punjab National Bank (PNB).
First RRB launch as part of the exclusive distribution agreement with 5 RRBs sponsored by PNB
Sarva UP Gramin Bank will provide insurance products in its 421 branches across 17 districts with PNB MetLife
Access to 37 lakh customers of the RRB
Meerut, August 2nd, 2014: PNB MetLife India Insurance Company Limited (PNB MetLife), today, launched its business operations with Sarva U.P. Gramin Bank - the first Regional Rural Bank (RRB) sponsored by Punjab National Bank (PNB). This is the first launch as a part of the exclusive distribution agreement with 5 RRBs sponsored by PNB. The tie-up will enable PNB MetLife to provide world-class life insurance solutions to lakhs of rural customers of the bank, through its 421 branches spread across 17 districts in UP and Uttrakhand. The bank, headquartered in Meerut, has plans to open 50 branches in these districts during the Financial Year.
Speaking on the occasion, Mr. Tarun Chugh, MD & CEO, PNB MetLife said, “Uttar Pradesh is an important market for us and we are happy to launch the insurance business with Sarva UP Gramin Bank.The need based sales approach of PNB MetLife will now get extended to the 37 lakh rural customer base of Sarva U.P. Gramin Bank. We had recently concluded a research with Nielsen across the rural locations of Uttar Pradesh and PNB MetLife emerged as a strong brand among rural consumers. We are confident that through the bank’s strong network spread across 17 districts, we will be able to penetrate deeper in the rural pockets and strengthen our presence in the state. ”
Sri D.S. Bainola, Chairman of Sarva U.P. Gramin Bank said,“Our Bank has over the years worked towards the upliftment of the rural customers and thus earned their goodwill and developed a credible institution. We look forward to our alliance with PNB MetLife, which will help us to achieve our goal of providing superior quality investment and insurance related products under one roof to our customers. As a credible financial institution, we are committed to regional and rural upliftment other benefits.”
The top selling products of PNB MetLife include endowment, protection and monthly income plans based on traditional platform echoing the customer sentiment for guarantees in the volatile market. Along with addressing the customer’s need for future financial protection of his family, PNB MetLife is simultaneously delivering other benefits such as guaranteed monthly income and guaranteed money back schemes through these offerings.
PNB MetLife is present in over 150 locations across the country and serves customers in more than 7,000 locations through its partnership with PNB and other partners.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI and PNB being the majority shareholders. PNB MetLife was previously known as MetLife India Insurance Company Limited (MetLife India) and has been present in India since 2001.
PNB MetLife brings together the financial strength of MetLife Inc., one of the leading global life insurance provider and the credibility and reliability of PNB, one of India's oldest and leading nationalised banks. The vast distribution reach of PNB together with the global insurance expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance provider. PNB MetLife is present in over 150 locations across the country and serves customers in more than 7,000 locations through its bank partnerships with PNB, JKB, JKGB and Karnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through its Agency sales of over 20,000 financial advisors and multiple bank partners, and provides access to Employee Benefit plans for over 800 corporate clients in India. With its headquarters in Bangalore and Corporate Office in Gurgaon, PNB MetLife is one of the fastest growing life insurance companies in the country. The company continues to be consistently profitable and has declared profits for last three Financial Years.
About Sarva UP Gramin Bank Sarva U.P. Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 4 RRBs Viz ( Uttar Pradesh Gramin Bank Meerut, Kisan Gramin Bank Budaun,Rani Laxmi Bai Gramin bank Jhansi AND Davi Patan Gramin bank Gonda) working in the area spread in whole Uttar Pradesh "East to West"under subsection (1) of section 23 A of the Regional Rural Bank Act, 1976 (21 of 1976) vide Govt. of India Notification dated 30.11.2007. The Bank Capital, subscribed by Central Govt, Punjab National Bank and Govt of Uttar Pradesh in the ratio of 50:35:15. The Bank has its Head Office in Meerut. The Bank's operational area spreads in 17 Districts viz.Bulandshahar, Ghaziabad,Meerut, Gautam Budh Nagar, Shamli , Hapur Bijnor,Gonda,Balrampur,Bhim Nagar,Budaun Holy Distt of Haridwar,Bagpat,Sharanpur,Jhansi,Lalitpur and Muzaffaranagar.The Bank has 421 Branches. Bank is going to open its Branches very soon.
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