Sanima General Insurance to partner with Muktinath Bikas Bank for sales of its insurance policies; issuance of Rs 30 crore worth of IPO to materialize within next fiscal year

Sanima General Insurance Company has entered into bancassurance agreement with Muktinath Bikas Bank following which the bank will be facilitating in the sales of non-life insurance policies of the insurance company through all its branches.

The agreement for the same was signed between management head of the insurance company Mr. Subodh Lal Shrestha and CEO of the development bank Mr. Pradhyuman Pokharel amid a program.

The non-life insurance company currently has paid up value of Rs 70 crore and is therefore mulling to issue Rs 30 crore worth of shares to general people within the fiscal year thereby meeting the requirement of the Rs 1 arba paid up capital mark.