Public sector lender Bank of Maharashtra, headquartered in Pune signed an agreement with Export Credit Guarantee Corporation (ECGC) of India on Wednesday for distribution of the latter's insurance products.
A press release of the bank stated under the agreement, the bank will act as the corporate agent of ECGC and market the export credit insurance products through its 1,375 branches.
The agreement was signed by the Chairman and Managing Director M D Mallya of Bank of Maharashtra and ECGC Chairman and Managing Director A V Muralidharan.
The release stated ECGC headquartered in Mumbai, will be shortly starting its services in the domestic credit insurance sector, and enabling exporters to insure their domestic receivables.
The bank is already having insurance tie-ups with United India Insurance and Life Insurance Corporation of India. The bank is offering life insurance cover to its deposit account holders and home loan borrowers.