Oriental Bank of Commerce (OBC) has signed a corporate agency agreement with general insurance provider Cholamandalam General Insurance Company, for distribution of insurance products. Chola will offer a wide range of non-life insurance products to customers of the Bank through its branches. The insurance products include motor, health, home and travel.
The Bank has posted a net loss of Rs 130.01 crore for third quarter ended December 31, 2016 as compared to a net loss of Rs 424.69 crore for the quarter ended December 31, 2015. Total income of the Bank increased by 1.22% at Rs 5415.97 crore for Q3FY17 as compared Rs 5350.48 crore for the corresponding quarter previous year.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 13.80%, as compared to 7.75% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 9.68% in Q3FY17.