The agreement is aimed at providing value added service to the WBFC customers, in the form of reliable and economical general insurance products of NIC, according to a press statement issued by WBFC, at Kolkata on Tuesday.
The MoU was signed by the WBFC managing director, MK Sen, and the NIC regional manager, ML Saha.
According to the press statement, the concept of single window service to the industrial entrepreneurs in West Bengal and value addition to the products of WBFC, is the underlying theme of the agreement.
It will help WBFC to secure better loan advances with wider and deeper insurance coverage for their loans and customers, thus serving their clients better without carrying the underlying risk. This will also help in widening their client base, informed the press statement.
According to the press release, with this tie-up, WBFC enters an important area of umbrella services, earning considerable non-fund and non-interest income in the form of agency commission and customer goodwill.