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Sunday, 16 November 2014

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HDFC Bank inks MoU with Sanasa Insurance


HDFC Bank CEO and GM Nimal Mamaduwa exchanges copies of the signed MoU with the General Manager of SANASA Insurance Company, Indika Kiriwandeniya.

The HDFC Bank signed a Memorandum of Understanding (MoU) with Sanasa Insurance Company Limited (SICL) relating to agro livestock insurance recently.

The Bank changed it traditional business model in 2013 and embarked on development banking products and among them HDFC Dirimaga microfinance loan scheme and newly introduced Commercial Scale Dairy Development Loan Scheme (CSDDLS) are popular in rural and semi urban areas.

The bank expects that credit facilities at a concessionary rate of interest under CSDDLS will help improve productivity of dairy farmers from subsistence level to the commercial level.

Under this scheme, the maximum loan facility available is Rs. 25 million. Loans could be obtained from the 33 branches of the HDFC Bank.

Dairy farmers of the HDFC Bank under the CSDDLS could obtain insurance cover from SICL at a low premium with suitable and affordable schemes of risk coverage.

HDFC Bank is actively involved in development banking and plans to strengthen this further by targeting local entrepreneurs in SMEs who contribute significantly to the national economy.

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