Allahabad Bank has entered into a Memorandum of Understanding (MoU) with Kotak Mahindra Old Mutual Life Insurance.

The tie-up is aimed to provide group insurance coverage to the educational loan borrowers of the bank.

Shares of Allahabad Bank (Q, N,C,F)* gained Rs 2.9, or 4.83%, to settle at Rs 63. The total volume of shares traded was 315,916 at the BSE (Tuesday).