PNB ties up with Care Health Insurance

Religare Health Insurance said on Wednesday that it has forged a bancassurance tie-up with public-sector lender Punjab National Bank (PNB).

“Punjab National Bank is among the largest and most respected banks in India, with a 123-year-old tradition of bringing true value for money and convenient banking solutions to its customers. With this partnership, we endeavor to offer long-term healthcare and wellness solutions to the bank’s customers,” said Anuj Gulati, managing director, and CEO, Care Health Insurance.

With the bank’s 7,000-odd branches in India, Religare will expand its footprint across the country. Meanwhile, PNB also reported a 12% rise in net profit at Rs 343.40 crore for the June quarter against Rs 306.4 crore in the year-ago period.

The lender improved on its bad assets metrics, with gross NPAs dipping to 13.66% of gross advances as of June 30, 2017, from 13.75% a year ago. However, on a sequential basis, gross NPAs increased from 12.53% as of March 31, 2017.