RBI permits ICICI-Pru AMC and ICICI-Pru Life to acquire up to 9.95% stake in RBL Bank
The approval has been granted with reference to an application submitted by I-Pru AMC and I-Pru Life to RBI
RBL Bank and ICICI Prudential Life Insurance have joined hands under a bancassurance partnership to sell insurance policies to the bank’s customers.
As many as 398 RBL Bank branches across 28 states will distribute ICICI Prudential Life’s protection and savings products, according to a joint press release issued on Wednesday.
The alliance will enable over 8.7 million customers of RBL Bank to access and seamlessly purchase customer-centric protection and long-term savings products of the insurance company, it added.
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Under the partnership, RBL Bank will distribute ICICI Prudential Life’s products through its network of 398 branches spread across 28 states besides its internet and mobile banking touch-points, that distinguish the bank’s multi-channel distribution network.
For ICICI Prudential Life, the partnership will deepen and further strengthen its multi-channel distribution network.
“This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future. With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments,” RBL Bank MD and CEO Vishwavir Ahuja said.
ICICI Prudential Life Insurance MD and CEO N S Kannan said this mutually beneficial tie-up will further deepen company’s multi-channel distribution footprint in the country.
“We believe our array of protection and long-term savings products will complement RBL Bank’s offerings and enable their customers to develop a robust financial plan,” Kannan said.
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