Bank of Baroda (BoB) has joined hands with insurance major New Indian Assurance company to launch a health insurance scheme in Oman.

New India Assurance resident manager, J Ratnakumar and chief manager of Bank of Baroda, L Chandrasekaran signed the agreement in Muscat yesterday to float the new deposit scheme, called Baroda Health Deposit.

Chandrasekaran said "It's a moment of honour for Bank of Baroda. Bank of Baroda has been operating in Oman since 1976, and the new scheme, 'Baroda Health Deposit', we are sure, will benefit residents in Oman."

"The new scheme will be a value addition to the public at large, both nationals and expatriates," he said.

"The Baroda Health Deposit scheme will promote savings and the concept of health insurance," he said.

"New India has been operating in Oman since 1974. Health insurance is very important like any other insurance scheme,and we, at New India, believe that savings, health and insurance are correlated," he added.