Dhanlaxmi Bank Partners with LIC to Facilitate Electronic Payments

Dhanlaxmi Bank has entered into a Memorandum of Understanding (MoU) with Life Insurance Corporation of India (LIC), allowing policyholders to receive payments through electronic funds transfer. The agreement enables policyholders to receive funds directly in their bank accounts using the National Electronic Funds Transfer (NEFT) mode. This collaboration will benefit not only Dhanlaxmi Bank's customers who hold LIC policies but also policyholders with accounts in other banks.

Key Takeaways:

• The partnership between Dhanlaxmi Bank and LIC will facilitate electronic payments for policyholders, enhancing convenience and efficiency.
• The bank will use the NEFT facility to transfer funds to policyholders' accounts across other banks, aiding customers who hold LIC policies with accounts in other institutions.
• Dhanlaxmi Bank, with a 84-year history, operates a vast network of over 275 branches and 460 ATMs, serving a customer base of 1.6 million across 14 states.
• The bank offers a wide range of banking products and services, including Retail Banking, Wholesale Banking, Microfinance, and Agricultural Lending.
• This collaboration between Dhanlaxmi Bank and LIC aims to provide an enhanced customer experience and improve financial inclusion.

Statistics:

• Dhanlaxmi Bank has a network of over 275 branches and 460 ATMs across 14 states in India.
• The bank services a customer base of 1.6 million.
• The bank operates in 160 centers across 14 states.

Sources:

• Dhanlaxmi Bank, Memorandum of Understanding with Life Insurance Corporation of India (no date specified)
• Accord Fintech Pvt. Ltd., disclaimer (2011)
• Contify.com, news distribution partner