Daijiworld Media Network – Mangalore (AF)
Mangalore, Mar 16: Corporation Bank and Life Insurance Corporation of India (LIC) have decided to come together in two new ventures ‘Reverse Mortgage’ and ‘Financial Inclusion,’ informed Corporation Bank chairman and managing director B Sambamurthy at a press conference here on Thursday March 15.
Explaining the joint ventures, he said that while the ‘Reverse Mortgage’ was mooted in the recent budget, ‘Financial Inclusion’ will facilitate banking in rural areas.
The National Housing Board (NHB) has been requested to formulate the guidelines for the same, Sambamurthy informed.
Corporation Bank and LIC have been involved in strategic alliance since 2001 and have been doing mutual business on several areas since then, said LIC chairman T S Vijayan.