Karnataka Bank entered into Memorandum of Understanding (MoU) with Life Insurance Corporation of India for selling life insurance products of LIC.

With 93 years of Banking experience and one among the Prominent First Generation Private Sector Banks, Karnataka Bank is expanding its business horizons at a rapid pace. With technology driven banking and customer centric products, Bank is also providing various third party products to its customers under one roof.

Corporate Agency Agreement was inked at the Head Office of Karnataka Bank by Life Insurance Corporation of India [LIC] and Karnataka Bank.

Mahabaleshwara M.S., Managing Director & CEO of the Bank said, "Customers needs are changing on day to day basis and it is necessary to every Service Unit to stand up to the expectation of its customers and work towards customer delight. Bank is firmly moving in this direction and with today's MOU with Life Insurance Corporation of India [LIC], Bank will be able to provide vast choke of life insurance products to its customers across all its 769 Branches, supported by the popular customer centric products of LIC. LIC and Karnataka Bank are two great household names and both are time tested entities. Let us work together in delivering the quality products to our customers and, thus, maximize value addition to all our customers. Let us together dedicate ourselves to cover the life of the Insured and their family members." he said.

Shares of the bank declined Rs 3.5, or 2.1%, to settle at  Rs 163.20.  The total volume of shares traded  was  244,672 at the BSE Monday).