Mumbai, Feb 5 (TIWN) Private sector bank RBL Bank and Bajaj Allianz Life have entered into a strategic partnership to offer customised life insurance solutions to the bank's customers.

The bank's performance has been under pressure in the past few quarters due to its exposures to a few stressed accounts. The fund was raised through institutional placement at Rs 351 a share, the bank said in a statement on Friday.

Bajaj Finance, which has had a partnership with RBL to sell co-branded credit cards, has invested Rs 150 crore to get a 0.87 percent stake, and is among the largest investors in the issue.