The New India Assurance Co. Ltd., India's largest Non-life General Insurance Company and The United Western Bank Ltd., a leading scheduled commercial Bank have today signed a MOU paving way for a Bancassurance tie-up between the two organisations. Under this arrangement The United Western Bank Ltd., will now distribute the non-life Insurance Products of The New India Assurance Co. Ltd., through its Branch network spread mainly all over Maharashtra and few other states. As per the Memorandum of Understanding, The united Western Bank Ltd., will become the Corporate Agent of The New India Assurance Co. Ltd.

United Western Bank is one of the leading Private Sector Banks in the country. It was established in 1936 by the doyen of Indian Insurance industry Shri Annasaheb Chirmule, who was a better known as Vima Maharshi. The Bank has a network of 230 Branches spread over 9 states. As of March 31, 2004 the Bank has a business mix of over Rs.10,000 crores.

Keeping pace with the rapidly changing technology and its extensive use in banking operations, the bank has successfully implemented Advanced Core Banking Solution to provide Centralised Banking Services. Now 135 Branches in 85 cities in 9 states have been networked to provide Anywhere Anytime Banking Services. The Bank has also installed more thatn 42 ATMs at Pune, Mumbai, Kolhapur, Nagpur, Hyderabad, Bangalore, Panjim and other strategic centers. It has many attractive deposit and credit schemes for different segments of the society. The Bank has a loyal customer base of over 15 lakh customers.

New India, with a Gross Domestic Premium Income of Rs.4,046 Crores and worldwide premium income of nearly Rs.5000 Crores, for the financial year 2003-04 is the undisputed leader in the Indian General Insurance market. The Company has been reaffirmed `A` (Excellent) rating for the 5th consecutive year by A.M. Best (Europe). For New India, the tie-up ith The United Western Bank Ltd., one of the leading scheduled commercial Banks of the Maharashtra State with a branch network of 230 branches spread mainly all over Maharashtra and few other States comes as a major boost in further increasing its reach in the western part of India. Bancassurance as a distribution channel is assuming increasing importance for both life and non-life insurers. The MOU on behalf of New India was signed by Mr. R Beri, Chairman-cum-Managing Director and on behalf of The United Western Bank Ltd., by Mr. Satish Marathe, Chairman and CEO in the presence of the top functionaries of both the organizations.