A public sector Bank Vijaya Bank has entered into a corporate agency agreement with Life Insurance Corporation of India (LIC) for the distribution of the bancassurance products of LIC. Till now Vijaya Bank was doing it on the referral basis.
With this agreement Vijaya Bank aims to meet the life insurance needs of its eight million customers through the quality products of LIC. The bank also has around 12 hundred Core Banking Solution (CBS) network of branches spread all over the India and for the current financial year Bank has announced the opening of 100 new branches in the country. And instillation of 750 ATMs.