IndusInd Bank banks tie-up for insurance

This partnership is expected to generate significant returns targeting the first premium income of Rs 100 crore after one year of the launch of operations. Cholamandalam MS, General Insurance Company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan.

In the first phase of the rollout plan, IndusInd Bank plans to enable at least 150 of its 172 branches to sell Cholamandalam MS policies.

IndusInd Bank’s net profit rose 30% to Rs 22.34 crore in Q2 September 2007 over Q2 September 2006.