HDFC Bank signs MOU with Sanasa Insurance for agro livestock insurance

Wednesday, 12 November 2014 00:40 - - {{hitsCtrl.values.hits}}

HDFC Bank of Sri Lanka, the premier housing finance bank in the country, signed a Memorandum of Understanding with the leading agro livestock insurance provider in the market, Sanasa Insurance Company Limited (SICL) relating to Agro Livestock Insurance recently. The bank has changed its traditional business model in the year 2013 and embarked in new product diversifications towards development banking products and among them ‘HDFC Dirimaga’ Microfinance loan scheme and newly introduced Commercial Scale Dairy Development Loan Scheme (CSDDLS) are more popular among the rural and semi urban areas.

HDFC Bank CEO/GM Nimal Mamaduwa exchanges the copies of the signed MOU with Sanasa Insurance Company General Manager Indika Kiriwandeniya The bank expects that the credit facilities at a concessionary rate of interest under CSDDLS will encourage improving productivity of the dairy farmers to convert existing 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 located island wide. Dairy farmers who are involved in the HDFC Bank under the CSDDLS could be able to obtain insurance cover from SICL insurance shield with lowest premium with suitable and affordable schemes of risk coverage for the pastoral industry. HDFC Bank at present is actively involved in development banking activities and has planned to strengthen this further by targeting local entrepreneurs in the SMEs who are the backbone, that contribute significantly to the national economy.