Dhanlaxmi Bank in pact with LIC for e-payments

Dhanlaxmi Bank has signed an Memorandum of Understanding (MoU) with Life Insurance Corporation of India to facilitate policyholders to receive policy payments through electronic funds transfer.

As per the agreement, the bank will provide electronic payment services to the corporation using the National Electronic Funds Transfer (NEFT) mode to credit funds to the policyholders' bank accounts.

This move is not only going to directly benefit customers of Dhanlaxmi Bank who hold LIC policies but also LIC policyholders having accounts with other banks. The bank will use the National Electronic Funds Transfer (NEFT) facility to transfer funds to policyholders' accounts across other banks.