Saraswat Co-operative Bank, India’s largest urban co-operative bank, has entered into a partnership with PNB MetLife India Insurance Company Limited to promote financial inclusion through life insurance solutions. The collaboration aims to offer a range of insurance products, including savings, protection, retirement, and group plans, to Saraswat Bank’s 30 lakh customers across 302 branches nationwide. This partnership is expected to bridge the insurance gap in India by leveraging PNB MetLife’s insurance expertise and Saraswat Bank’s wide reach and trusted legacy.
The partnership is seen as a move to enhance customer services and provide a comprehensive range of financial products to customers. PNB MetLife’s MD & CEO, Sameer Bansal, emphasized the importance of reaching out to a wider audience through channels such as Saraswat Bank, which has a large customer base and strong network of branches. Saraswat Bank’s MD & CEO, Arti Patil, highlighted the role of this partnership in providing value-added services to customers and enhancing their financial well-being.
The partnership is expected to boost insurance penetration in India, where the need for insurance is high, and awareness is low. By combining Saraswat Bank’s customer trust and relationship with PNB MetLife’s insurance expertise, the partnership aims to create a win-win situation for both parties. For PNB MetLife, this partnership presents an opportunity to expand its customer base and increase its visibility, while for Saraswat Bank, it provides an opportunity to offer a new range of products and services to its customers, thus enhancing its customer value proposition.