Shivalik Mercantile Co-operative Bank has cut a deal with Life Insurance Corporation of India, to issue LIC’s numerous life insurance products to its customers. Shivalik Mercantile Co-operative Bank has a network of 21 branches and 12 branch correspondent offices spread across UP and MP, reports Financial Express.
After signing the deal with LIC, Shivalik Bank said they would enhance their IT infrastructure, manpower training and market research. .
LIC of India has has already entered into partnership with 32 cooperative banks. LIC claims the lion’s share in Indian insurance market.