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Mangalore , Nov. 25

THE Karnataka Vikas Grameena Bank has signed a memorandum of understanding (MoU) with United India Insurance Company to take up general insurance business as a corporate agent of the company. The bank was formed recently after amalgamating the four regional rural banks sponsored by Syndicate Bank.

A bank release said here on Friday that Mr B.S. Surendra, Chairman of Karnataka Vikas Grameena Bank, and Mr Hari Shrinivas, Regional Manager of United India Insurance Company, signed the MoU in Hubli on Thursday. Mr Surendra said that the 387 branches of the bank would provide insurance cover to the people in 2,198 villages covered by it. The premium amount will be minimum, he said. Stating that Karnataka Vikas Grameena Bank has very good branch network in rural areas, Mr Shrinivas said United India Insurance Company entered into an MoU with it to make insurance cover available for the common man in villages.

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