Reliance Nippon Life Insurance Company (RNLIC), a subsidiary of Reliance Capital has signed a comprehensive Bancassurance-corporate agency agreement with Bank of Maharashtra, one of the prominent public sector banks in Maharashtra. This partnership is aimed at enhancing the bank's customer proposition and positioning the bank as the most preferred financial services supermarket. This partnership further aims to maximize the distribution fee potential for the bank.

Bank of Maharashtra with its extensive network of branches enjoys great visibility across metro, urban, semi-urban and rural geographies across India, more particularly in the state of Maharashtra. The tie-up will enable Reliance Nippon Life Insurance to further its customer outreach.

Ravindra Marathe, Managing Director, Bank of Maharashtra said, ''We are delighted to partner with Reliance Nippon Life Insurance as this partnership will further complement the bouquet of financial solutions viz. protection, savings and investment solutions that we offer to our customers. RNLI, with a vast distribution coverage of over 700 branches, is uniquely positioned to service our customers and distribution operations across urban and rural markets.''

Ashish Vohra, Executive Director & CEO, Reliance Nippon Life Insurance Company said, ''Bank of Maharashtra presents a very large opportunity and we look forward to deploying technology enabled processes to harness this alliance. Our long-term protection and assured return product suite complements the offering from the Bank. This, together with the Bank's brand salience in its core markets, allows us to leverage our capabilities for maximizing value to our customers.''

Shares of the company declined Rs 4.7, or 0.89%, to trade at Rs 524.40. The total volume of shares traded was 490,663 at the BSE (2.59 p.m., Monday).