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news details
J&K Bank adds IFFCO Tokio as another insurance partner
2/12/2019 10:17:27 PM
Early Times Report

Srinagar, Feb 12: Expanding the insurance options further for its customers across the state and beyond, J&K Bank today entered into a tie-up with IFFCO-Tokio General Insurance - a joint venture between one of the world's biggest cooperative society, Indian Farmers Fertilizer Co-operative (IFFCO) and the largest listed insurance group in Japan, Tokio Marine Group.
The agreement between the two leading companies was signed in presence of Chairman and CEO Parvez Ahmed and Managing Director IFFCO Tokio Warendra Sinha, Director Marketing Anamika Roy Rashtrawar and Director Operations Jun Matsui here at the bank's Corporate Office.
Executive Presidents RK Chibber, Ab Rashid Shiegan, President M Younis Patoo, Vice Presidents Vibhakar Khajuria and Roshan Khayal Khan were also present on the occasion.
The bank's President Insurance M Younis Patoo signed the MoU on behalf of the bank while as Anamika Roy Rashtrawar put in her signatures representing IFFCO Tokio.
Speaking on the occasion, Chairman Parvez Ahmed while hailing the tie up conveyed the insurance company to deliver the best available products and services to the customers of J&K Bank and script a next-level service set-up for them.
"In J&K, our bank is not merely a brand or a company but an institution of critical importance to the financial architecture of the state itself. Being partners here means a lot more than garnering business for both the companies. It is a responsibility to deliver and deliver better than your competitors", he said.
Elucidating further, Chairman and CEO said, "The penetration of non-life insurance in India is below 1 percent, in terms of gross premium as a percentage of GDP, therefore allows ample headroom for growth through multiple players especially in retail, small and medium enterprise segments.
Terming the signing of the agreement as a "momentous occasion", Managing Director IFFCO-TOKIO, Warendra Sinha acknowledged the positive role of the bank in the financial and social set-up of the state and asserted that J&K Bank is the true leader when it comes to empowering people in the state of Jammu and Kashmir and beyond.
Executive President R K Chibber while speaking at the occasion maintained that both the institutions are committed to work for the welfare of the people besides extending value added services to customers while also adding that under the dynamic leadership of Chairman and CEO, the bank works with a missionary zeal to provide world class services to its customers and signing of the MOU is yet another step in that direction.
Earlier, in his welcome address President Insurance M Younis Patoo expressed a view to prioritize the needs of our customers above everything else, by entering into an agreement with one of the reputed insurance companies of the country so as to facilitate our end customers a better and insured tomorrow. Vice President Vibhakar Khajuria extended vote of thanks.
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