IFFCO-TOKIO ties up with Dhule & Nandurbar District Central Cooperative Bank
Dhulia, 24 July 2009: IIFFCO-Tokio General Insurance Co. Ltd. , a trusted player in general insurance, today announced its tie-up with Dhule & Nandurbar District Central Cooperative Bank. The tie-up will allow the bank to offer IFFCO Tokio’s array of microinsurance products to its customer base which includes 2,00,000 farmers across over 700 cooperative and 110 branches across Dhulia and Nandurbar districts of Maharashtra.
On the occasion of signing of the MoU, Mr N K Kedia, Director – Marketing, IFFCO Tokio General Insurance said, “Western Region is an important market for IFFCO Tokio, the intent of this tie-up is to make IFFCO Tokio’s microinsurance products available to more and more people residing in rural areas of this part of the country. We are indeed delighted with this agreement since we will be able to leverage the bank’s extensive reach and its knowledge of the region”.
Speaking at the occasion, Mr F D Patil, Managing Director, Dhule & Nandurbar District Central Cooperative Bank said, “Our bank has a strong commitment towards the people of this area, and the association with IFFCO-Tokio will help us to service our customers better by providing a wide range of need-based services and products.”
Dhule & Nandurbar District Central Cooperative Bank was established in 1957. It's head office is in Dhule, Maharashtra and the main bankers are The Maharashtra State Cooperative Bank (MSCB) and National Bank for Agriculture and Rural Development (NABARD).
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertiliser Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter’s contribution is 74 percent, while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Pte Ltd. Tokio Marine has been awarded as Asia’s General Insurance Company of the year (2008) by the prestigious Asia Insurance Review. IFFCO Tokio has a widespread network of more than 170 offices across the country and many more in the pipeline for the coming year. The objective behind opening new offices is to cover the enormous spread of the country and reach the masses.