NSCB declares merger with Metlife India Insurance

The merger between The Nagaland State Co-operative Bank Ltd (NSCB) and Metlife India Insurance Co. Ltd. was made official during a joint press briefing of officials from NSCB and representatives from Metlife India Insurance at the Board Room of the NSCB administrative building at Khermahal on Wednesday, 4:00 pm. The NSCB was represented by BK Thadani, Managing Director, while Metlife Insurance was represented by Joydeep Das, Territory Manager and SK Ganguly, Regional Trainer. In the press briefing it was informed that Metlife India Insurance is a US based company, headquartered at Bangalore with their corporate office at Gurgaon. The company started their Indian venture in the year 2001 and today it is the fastest growing insurance company in India. It has tie ups with various major banks of the country and 25 rural co-operative banks while it is the only insurance company, other than SBI Insurance, that has merger with a nationalized bank. It is the only company that is recruiting employees despite recession in the global economy. As such it will be recruiting enterprising educated locals as branch managers in all the 21 branches of the NSCB spread throughout the state in the coming months. It also expected that with the merger the NSCB will be able to ‘generate revenue without investing any significant amount’ by way of offering the use of bank branch premises to the company without involving any exchequer & liability, while Metlife’s products will be made available at all the 21 branches of the bank that will meet the requirements of the rural as well as the urban people.