Varam Capital-RBL Bank tie-up to take ATM services to doorsteps
Varam Capital, in partnership with RBL Bank, has introduced Aadhaar-enabled payment services (AEPS) across its operations, thereby powering the Varam app as a Micro-ATM. With this, Varam’s 70,000 microfinance customers across urban and rural areas will have access to ATM services at their doorstep. The Chennai-based NBFC-MFI has leveraged on the emerging digital and payment infrastructure to facilitate general banking services for the masses. Varam Capital’s CEO, Joby C.O. said, “The government’s Jan Dhan efforts helped every Indian to have a bank account and with the help of Micro-ATMs, we are making banking transactions a reality. Now our customers can deposit or withdraw any amount any time they wish and at their convenience. This will revolutionise the way people bank with informal income. This also goes well with our strategy of building the digital architecture around Aadhaar, mobile number and bank account. The moment we are able to replace cash at the frontend, our ability to offer multiple products to our customers grows multifold. If their Aadhaar numbers are linked to their bank accounts, customers can transact with their bank only using a thumb imprint.” Varam introduced its App in the previous financial year as part of its digital transformation. The app is integrated with UIDAI, credit bureaus and banks, thus offering seamless on-boarding of customers and real-time disbursements. The new digital initiatives at Varam contributed to 100% cashless disbursements in the last fiscal, apart from 100% enrolments through Aadhaar. The company, in partnership with RBL Bank, has integrated API Banking and Aadhaar Payment Bridge (APBS) to facilitate seamless disbursements. On the partnership with Varam Capital, RBL Bank’s Head of Digital Banking Sujatha Mohan said: “Financial inclusion has been the guiding principle of our banking operations since inception, and even more so since we embarked on the digital transformation journey. Our focus on technology and partnerships is enabling us to extend our product portfolio, and offer differentiated solutions for our customers. In this context, the tie-up with Varam Capital will enable RBL to offer Varam’s customers a very comfortable banking experience by using their Aadhaar-linked accounts to carry out banking transactions anywhere, anytime.”
Varam Capital Promoter Latha Rajan said, “Varam could conceptualise the entire digital revolution unfolding much before demonetisation hit the market. Our internal IT team built the Varam App and many other workflow management systems, which brought in authenticity, speed, ease and cost-effectiveness into our operations. At the click of a button, today, every person can access any financial or non-financial products and services in line with the government’s dream of financial inclusiveness.” Joby C.O. added, “Varam in its current form operates at 8-10% cost of operations and I believe that our fully operational digital model would help us to bring the cost of operations significantly down over a period of time. This will not only strengthen the bottom-line but also create avenues to explore alternate channels of expansion and growth.” Varam is holding talks for its series A round of equity to realise its dream of providing low-cost financial services. About Varam : Varam Capital Private Limited (‘Varam’) is a new age tech-enabled Micro Finance Institution (NBFC-MFI), headquartered in Chennai, Tamilnadu. With 25 branches across 11 districts in the States of Tamilnadu and Chhattisgarh, Varam serves over 70,000 customers. Varam is building a low cost financial delivery channel, using digital technology to service customers, underwrite loans and facilitate seam-less transactions.
About RBL Bank : RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 2.8 million customers through a network of 239 branches and 375 ATMs spread across 20 Indian states and Union Territories.
Over the last few years, RBL Bank has earned recognition in various national and international forums such as : CNBC ASIA’s India Talent Management Award (2017); ‘India’s Best Bank (Growth)’ in the ‘Small-Sized Bank Segment’ by Business Today-KPMG Best Bank Study for six consecutive years (2012-17); Business World’s ‘Best Growing Small Bank’ consistently for four years(2013,2014,2015,2017) and recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC).
FIS Survey Shows-Usage of Mobile Banking and Digital Payment Grows Dramatically in India Post Demonetisation
Usage of Mobile Banking and Digital Payment Grows Dramatically in India Post Demonetisation, New FIS Survey Shows
· FIS releases its third annual in-depth, global research study on consumer banking.
· Use of mobile and digital banking channels increases dramatically across all Indian consumer segments.
· Drive to digital banking and payments is being led by younger consumers, who are far less satisfied with their banking providers than older generations.
A recent study from financial services technology leader FISTM (NYSE: FIS) shows a dramatic increase over the past year in the use of mobile devices and other digital banking channels by consumers in India, demonstrating the extent to which country’sdemonetisation efforts are changing consumer banking habits.
FIS’ third annual Performance Against Customer Expectations (PACE) report, which surveyed 1,000 banking consumers in India, found that more than 60 percent of survey respondents said they have used mobile devices this year to check their account balances, view recent transactions, pay bills, transfer funds or other banking needs. This was up from 39 percent of survey respondents in 2016 and 34 percent in 2015.
The FIS PACE report also shows that banks in India continue to underperform their peers in other countries in terms of meeting their customers’ expectations. Indian financial institutions scored 75 points in the 2017 PACE study, one point higher than in 2016 but seven points below the global average PACE score.
Key Findings about Indian Consumers
Nearly 18 percent of the respondents use their primary bank’s credit cards exclusively.
The importance of the primary bank providing digital payment options has risen year on year across all age segments.
Respondents indicated that more than 30 percent of their payments are done with mobile apps compared to cash, cheque or credit/debit cards.
What Gen Y (Age Group 18-36) in India Said
Consumers want to better connect with their banks at their convenience, at any time and from anywhere.
The biggest pain point for banked Gen Y is getting time to physically visit a branch.
Gen Yare far less satisfied than older generations with their current banking providers.
“More than ever, Indian consumers want to connect with their banks at their own convenience, at any time and from anywhere,” said Ramaswamy Venkatachalam, managing director, India and South Asia, FIS. “As the economy shifts from cash and plastic to cashless, mobile and digital, banks need to establish a stronger multiple-service relationship with their customers. The PACE findings present a clear picture on where India’s banks need to focus to remain first in the minds of their customers.”
Overall, the 2017 FISPACE study surveyed more than 8,000 banked consumers in eight countries, including India, Australia, Brazil, Canada, Germany, Thailand, the United Kingdom and the United States. Compared to consumers in other regions surveyed by FIS, Indian respondents place more importance on anywhere/anytime access to their accounts and digital payment options provided by their banks and, conversely, lower importance on in-person service and the ability of their banks to anticipate their financial needs.
Global PACE Survey results
The 2017 FIS Global PACE Study shows that while global banks are largely meeting consumer expectations for providing in-person and multi-channel services, they are still falling short in areas that are key to building relationships and consumer trust – such as following through on their promises, providing products that are free of hidden charges and fees, providing customized products and trusted financial advice, and helping their customers achieve their financial goals.
Other key findings from the 2017 global study:
Banking consumers globally place the highest importance on safety, security, fairness and anytime/anywhere access to their finances, in that order. These top four attributes and their rankings haven’t changed in the three years FIS has done this study.
Digital payments increased to the eighth most important attribute to respondents, up from 12th in 2015 and 2016.
Simplicity continues its rise in importance amongst consumers, rising to sixth most important attribute from eighth most important in 2015.
Mobile payments – from shopping to person-to-person money movement – showed the strongest growth of any payment type from 2016 to 2017.
The younger a consumer, the more likely they are to be unhappy with their financial institution. At the same time, younger people also report making more contacts with their banks than older generations.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 57,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Chennai, 29th May 2017 – City Union Bank Limited announced its performance results for the 4th Quarter and for the Financial Year 2016-17
City Union Bank’s (CUB) net profit for the full year 2016-17 crossed ₹500 crore for the first time in its history, while asset quality improved on a sequential basis. For FY17, CUB’s net profit grew 13 per cent to ₹503 crore, against 445 crore in FY16. Operating profit was 19 per cent higher at ₹994 crore (₹833 crore). Net interest income was up 22 per cent at ₹1,199 crore (₹981 crore).“Considering the overall banking industry, we have been able to show a decent performance. Our credit growth for the year was in double-digits while industry growth was in single digit,” said the bank’s MD and CEO, N Kamakodi Advances grew 13 per cent to ₹24,112 crore (₹21,253 crore), while total deposits went up 11 per cent to ₹30,116 (₹27,158 crore).For the quarter ended March 31, 2017, the bank’s net profit grew 15 per cent to ₹129 crore, against ₹112 crore in the year-ago period,helped by an 11 per cent growth in operating profit to ₹248 crore (₹224 crore).A 17 per cent growth in net interest income at ₹311 crore (₹264 crore) aided the company’s bottomline during the quarter. Its net NPA was higher at 1.71 per cent in Q4 (1.53 per cent). However, it was marginally down from 1.72 per cent in Q3 of FY17. “After several quarters, we have seen a sequential reduction in NPA. But we have to wait and see whether this trend will continue,” Kamakodi said.The board has declared a dividend of 30 per cent (₹0.30 per equity share) on the face value of ₹1 and also a bonus issue in the ratio of 1:10.Kamakodi also announced CUB’s new digital banking initiatives that include ‘selfie banking’ and money spend tracker facilities.
Private sector lender City Union Bank’s fourth quarter profit increased 14.8 percent to Rs 129 crore compared with Rs 112.2 crore in same quarter last year.Net interest income, the difference between interest earned and interest expended, grew by 17.5 percent year-on-year to Rs 310.6 crore in the quarter ended March 2017.Earnings matched analysts’ expectations. Profit was expected at Rs 130.3 crore and net interest income at Rs 310.8 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18. Asset quality improved a bit as gross non-performing assets (NPA) dropped 15 basis points sequentially to 2.83 percent and net NPA declined 1 basis point to 1.71 percent in Q4.In absolute terms, gross NPA increased 4.9 percent quarter-on-quarter to Rs 682 crore and net NPA rose 10.2 percent to Rs 408.3 crore in march quarter. Provisions for bad loans increased marginally to Rs 71.3 crore compared with Rs 70.8 crore in same quarter last year but declined from Rs 92 crore in previous quarter. Meanwhile, the bank said board of directors has approved issue of 1 bonus share for every 10 shares held. At 15:18 hours IST, the stock was quoting at Rs 165.90, down Rs 6.25, or 3.63 percent amid high volumes on the BSE.
Chennai, 29th May 2017 – City Union Bank Limited announced its performance results for the 4th Quarter and for the Financial Year 2016-17 PressMrrt Images
4th Quarter. Financial vear 2016-17 Net profit up 15% Net lnterest income up by 1T%Chennai, 29th May 2017 – City Union Bank Limited announced its performance results for the 4th Quarter and for the Financial Year 2016-17 today at Chennai. Earlier, during the day, the Board of Directors of City Union Bank approved the working results for’Q+ FY 2017.
outlining the perforfi.,rn”” of the Bank Dr. N.Kamakodi, MD & cEo said, ,,cUB,s business for the year exceeds Rs. 54200 Crores posting a consistent growth in advances throughout the yeai. The Current Account and Savings Account deposits have shown traction during the year growing by 27% with an impressive ratio at Z3o/o lo total deposits”.
Highlights of performance in Q4 – Fy 2016 – 1t: CUB has registered consistent performance during the year 2016-2017 despite the stressful conditions that prevailed over normal banking operations post the announcement of demonetization. CUB had also risen up to the situation introducing a slew of services to promote Digital Banking. The Bank continues to build granularity and longevity in deposits demonstrated by CASA deposits growth which contributes to 27% as on March 31, 2017 on the back of strong Current Account deposits growth of 260/o Y-o-Y. The Bank is committed to build a strong Retail franchise through continued investments in People, Technology & Digital lnfrastructure. The Bank has a network of 550 branches and 1486 ATMs as on 3t.03.20t7. Highlights of Annual performance during Fy 2016-11: 981 Crore ratio stood at23o/o to total deposits. }’ Net Interest Margin of the bank increased to 4.L7o/ofrom 3.81olo.
Asset Quality for the year ended 31st March 2011:
Key Performance Indicators:
capital Adequacy: The Bank’s capital adequacy as on March 3L, 2aL7 as per Reserve Bank of India (RBI) guidelines on Basel III norms is 15.83o/o and Tier-l capital adequacy was 15.35o/o, weil bbove reguratory requirements, Digital banking initiatives launched: CUB Easy: City Union Bank introduced’CUB Easy’- a selfie banking a savings facility. opening bank account is now made easier and faster. It tgkes just the customer few minutes and need-not visit any of our branches to open an account. They need to download the cuB Easy -selfie banking app, ‘FREE’from the App store. They can take a new selfie and register themselves by providing their Nur., e-mail ID, Mobile Number,
Aadhar number and their choice of cuB branch sending an orP as their base branch. cUB will be (one Time Password) on their nianaa, Registered Mobile Number. once they enter the. oTP, the system will ask for customer profile and pAN number. on completion, the system will validate_the requisite-Jeiairs. The customer then needs to accept the Terms and conditions. They *iir ,”ceive a confirmation SMS .wetcome city Union Bank” They can download.olr M9bj6;il to banking (cuB Mbank ptus) and commence spot on. This iacility is currenily aruiraule Jirv on Android ,ru,t phones. As per RBI stipulations, the aggreg’ate balance of all the oep6sit account of the customers shalt not exceed Rs’ 1 Lakh and the aogregate of atl credits in a finarrciit y.u,. shall not exceed Rs 2 lakhs.
Ask Lakshmi: city Union Bank introduces ‘Ask Lakshffii, I a GHAT BOT facility, as a featureon.their*..o”.9@.ini and services. .Ask facility available for Lakshmi, is a 24×7 all information seekers on cUB’s website. nsk ukshmi operates on the artificial intelligence platform.cuB Tracker is a.,.lew value added seruice which is available on cuB Net platform open to all Net banking customers. cuB Tracker pioria.r information to our customers on the way money is -being tp.ni-rro, their Accounts. AII they need to do is click on cUB Money Tracker t9. s9.e ihe pattern of theli expenoiture. cUB Money Tracker analyses and provides highlights using the entrie, ,ui. from their transactions. cuB Money Tracker allows the cultomer t5 ater-;;;;ffi fierds to create their own – ex. Debit shown against a RD withdrawal ca1-olinan;ffi.’Monthty savings,. This facility will soon be extended to cUB Mobire and cUB wailet users too.
Financial Performance Fy 2017 &e4 Fy 2011: (Rs in Cr)
Federal Bank Hormis Memorial Foundation Scholarship – Results published
Federal Bank Hormis Memorial Foundation Scholarship – Results published
Chennai, May 30, 2017: Federal Bank Hormis Memorial Foundation had announced scholarships for the academic year 2016-17 for students pursuing MBBS, Engineering, B Sc. Nursing, B Sc. Agriculture and MBA. The foundation has now published the list of the selected students for the scholarship.
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,667 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.71 Lakh Crore as at March 31, 2017 and it has earned a net profit of Rs 830.79 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 12.39% at the end of March 31, 2017. Federal Bank has its Representative Office at Dubai and Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress. During FY 17 the bank handled around 15 % of the total personal inward remittance to India.
GAVS Tech eyes to double revenue from mergers & acquisitions Major contender for IT Infrastructure Automation
GAVS Tech eyes to double revenue from mergers & acquisitions Major contender for IT Infrastructure Automation
GAVS Tech eyes to double revenue from mergers & acquisitions Major contender for IT Infrastructure Automation IT services and solutions provider GAVS Technologies is looking to double its global revenues through a series of mergers and acquisitions this year, Sumit Ganguli, CEO, GAVS Technologies.
The city-based company which has operations in United States and the Middle East, last year reported revenues of USD 40 million globally.GAVS is recognized as a “Major Contender” in the Everest PEAK Matrix™ for IT Infrastructure Automation.Everest Group’s PEAK Matrix analytics is based on two primary dimensions: Delivery capability and market success.
GAVS Technologies, CEO, Sumit Ganguli said,
“This year (2017-18) we are looking (at) organic (growth) including one of the M&As (mergers and acquisitions) which we have done.. We are looking at USD 50 million revenue.”GAVS Technologies had recently acquired another company which has operations in United States and Middle East.Sumit Ganguli, further said “Our services are specifically designed to address the needs and concerns of mainstream and emerging markets, specifically in the Automation Space. This recognition from Everest Group is a testimony to our competencies. “ The recognition is in line with GAVS’ vision to enable enterprises in their digital transformation journey through IP-driven technology solutions. GAVS facilitates optimization of on-premise infrastructure footprint and transformation to cloud with significant cost outs and promotes an Infrastructure that is trending towards Zero downtime and create a Zero Incident Enterprise. Zero Incident Framework enables enterprises to reach a zero-incident state.GAVS’ tool GAVel offers smart machine based predictive insights. It is a predictive analytics platform that uses intelligent & insightful data aggregation to provide proactive and predictive risk management.Balaji Uppili, Chief Delivery Officer, Chandamouleeswaran, Vice president, GAVS, D. Narasimha Shenoy, Chief Financial officer,Rao Haridasu, VP were present at the press meet.
Janalakshmi Financial Services receives ‘Operating licence’ for Small Finance Bank
Trichy April 2017: Janalakshmi Financial Services (JFS), India’s largest microfinance organization, today announced the receipt of final licence from Reserve Bank of India (RBI) to set up Small Finance Bank. The Small Finance Bank will commence operations in the second quarter of the current financial year. JFS plans to set up 300 bank branches during the year covering the major locations in India.
The licence to operate ‘Small Finance Bank’ will enable all existing 5 million+ customers of Janalakshmi Financial Services to access financial services beyond the scope of microfinance. This is aimed at addressing financial inclusion and to empower the unbanked segments of the society with several financial tools such as savings account, cashless transactions and so on. The bank is also building innovative financial products which every aspiring Indian wants to avail.
What does this transition mean to JFS’ existing customers?
Janalakshmi Financial Services receives ‘Operating licence’ for Small Finance Bank
• Customers can now avail financial services beyond the scope of microfinance. They can open a savings account or a current account, will be able to borrow different types of loans and will be able to avail benefits from cash deposit schemes and so on. • Besides availing micro loans, they can also seek loans for their businesses or Small Medium Enterprise, towards farming and for unorganized sector entities • Jana Small Finance Bank will continue to provide banking products to the unserved and undeserved sections of the country at an affordable cost • All customers of Janalakshmi financial services will automatically become customers of Jana Small Finance Bank with no change to their loan status • This is a large step towards addressing the unbanked across various pockets of the country and thereby bring them under the ambit of the banking system Commenting on this, V S Radhakrishnan, MD & CEO of Janalakshmi Financial Services Ltd, said, “We are excited about this and this will take us closer to our vision of financial inclusion in its true sense. We are fundamentally a unique organization with key differentiators such as primary focus on inclusion, significantly advanced technology platform and top-class management team.” He added, “We are well capitalized with investments from world’s leading institutions which ensures seamless delivery towards our vision.”
Janalakshmi Financial Services has touched the lives of 8 Million+ people over the past 9 years and plans to continue its endeavor towards financial inclusion for the coming years in the form of a Small Finance Bank. About Janalakshmi Financial Services Limited (JFS)
JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as Jana Nayaks. JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world’s innovative financial institutions working on the problem of financial inclusion.
JFS is promoted by Jana foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves.
The Foundation undertakes various activities that deepen understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities inorder to help customers to improve the quality of their lives and help them meet customer needs comprehensively.
In March 2016, JFS was recognised and awarded as the ‘Best Financial Services firm in India’ by VC Circle. In 2017, JFS was also featured in ‘Fortune – The Top 500’ largest corporations in India.
இந்தியன் வங்கி நிகர லாபம் ரூ.319.70 கோடி இந்தியன் வங்கி நிகர லாபம் ரூ.319.70 கோடி இந்தியன் வங்கி கடந்த மார்ச் 31-ஆம் தேதியுடன் முடிவடைந்த 2016-2017-ஆம் நிதியாண்டின் 4-ஆவது காலாண்டில் ரூ. 319.70 கோடியை நிகர லாபமாக ஈட்டியுள்ளது.இது குறித்து இந்தியன் வங்கியின் நிர்வாக இயக்குநரும், தலைமைச் செயல் அதிகாரியுமான கிஷோர் காரத் நேற்று செய்தியாளர்களிடம் கூறியதாவது: நிதி விபரங்களை பொறுத்தவரை, 2016 – 17ன், கடைசி காலாண்டில், மொத்த வருவாய், 4,601.88 கோடி ரூபாயாக உயர்ந்துள்ளது. கடந்த ஆண்டு, இதே காலகட்டத்தில் அது, 4,512.18 கோடி ரூபாயாக இருந்தது. இதுபோல், நிகர வருவாயும், 1,664 கோடி ரூபாயில் இருந்து, 18.41 சதவீதம் அதிகரித்து, 1,970.29 கோடி ரூபாயாக உயர்ந்துள்ளது. மேலும், கடந்த 2016-2017-ஆம் நிதியாண்டின் 4-ஆவது காலாண்டில் ரூ. 319.70 கோடியை நிகர லாபமாக ஈட்டியுள்ளது. 2015-2016-ஆம் நிதியாண்டில் ரூ.711.38 கோடியாக இருந்த நிகர லாபம் கடந்த நிதியாண்டின் முடிவில் ரூ.1,405.68 கோடியாக அதிகரித்துள்ளது. வங்கியின் மொத்த டெபாசிட் 2.37 சதவீதம் அதிகரித்து ரூ.1,82,509 கோடியாக உள்ளது. நடுத்தர ரக வங்கிகளில், நாட்டிலேயே இந்தியன் வங்கி, சிறப்பான இடத்தை பிடித்து உள்ளது. அதுமட்டுமின்றி, பெரிய வங்கிகளுடன், போட்டி போடும் நிலையை எட்டியுள்ளது. வரும் நிதியாண்டில், இதை மேலும் மிகச் சிறந்த வங்கியாக மாற்ற உறுதி பூண்டிருக்கிறோம்.
இந்தியன் வங்கியில் தற்போது மத்திய அரசுக்கு 82 சதவீதப் பங்கு உள்ளது. வங்கியின் சார்பில் பொதுமக்களுக்கான பங்குகளை வெளியிடும்போது அரசு பங்கு75 சதவீதத்துக்கும் குறைவாக இருக்கும். தற்போது ரூ.3.15 லட்சம் கோடியாக உள்ள வங்கியின் மொத்த மொத்த வர்த்தகத்தை நிகழ் நிதியாண்டின் (2017-2018)இறுதியில் ரூ. 3.60 லட்சம் கோடியாக அதிகரிக்கத் தேவையான நடவடிக்கைகளை மேற்கொண்டு வருகிறோம். நடப்பு நிதி ஆண்டில், வங்கியின் கடனளிப்பில் மொத்த வாராக் கடன் விகிதம் 7 சதவீதத்துக்கு கீழும், நிகர வாராக் கடன் விகிதம் 4 சதவீதத்துக்கு கீழும் இருக்கும் என எதிர்பார்க்கிறோம்.கடந்த காலாண்டில் வறட்சி காரணமாக வங்கியின் கடனளிப்பு வெகுவாகக் குறைந்துள்ளது. நிகழ் நிதியாண்டில் சிறு, குறு, நடுத்தரத் தொழில்கள் மேம்பாட்டுக்கும், சில்லறை வர்த்தகத்துக்கும் அதிக அளவு கடன் வழங்கப்படும். வங்கியின் பரிவர்த்தனைகள் உள்பட அனைத்து செயல்பாடுகளையும் டிஜிட்டல் மயமாக்கத் திட்டமிட்டு வருகிறோம் என்றார். அப்போது, நிர்வாக இயக்குனர்கள், எம்.கே.பட்டாச்சார்யா, ஏ.எஸ்.ராஜிவ் ஆகியோர் உடன் இருந்தனர்.
Bajaj Finance to offer higher returns on smallerfixed deposit
Chennai, April, 2017:
Bajaj Finance Ltd, India’s most diversified NBFC, today announced a new minimum cap of Rs. 25000/- in its best in class AAA ratedFixed Deposits. In an intend to maximise the returns for its customers,Bajaj Finance, the lending and investment arm of Bajaj Finservwill offer an annual cumulativeinterest rate of 8.05% for a tenor of 36-60 months on the reduced amount.This will also address the saving needs of mass retail category that are looking for assured returns with a credible savings instrument.
This step comes as a results of the hugedemand from its 15 MM customer base, to have access to quality FD investment at a lower cap of Rs. 25,000. This will also allow small depositors to generate higher returns through traditional savings product.
Earlier, fordepositorsin National Capital Region and Greater Mumbai, the minimum deposit amount was INR 75,000 –and for rest of India the minimum deposit was INR 50,000.The new minimum cap of Rs. 25,000/- will be applicable across the country with immediate effect.
Bajaj FinanceLtd expects 60 per cent increase in new deposit origination which is currently at 6000 Cr. and FD Book to double to to Rs. 8500Cr.
Bajaj Finance to offer higher returns on smallerfixed deposit
Commenting on this initiative Mr. Sachin Sikka, Business Head, Fixed Deposit , Bajaj Finance Ltd said: We are extremely excited to be part of the investments and savings portfolio of retail investor. Fixed Deposits from a brand like Bajaj Finance gives huge comfort of trust as well as fulfils returns aspiration on the overall balanced savings approach. Currently we service elite category of depositors and have seen exceptional demand from retail depositor who want to save regularly and that too with AAA rated fixed instruments in the range of 25,000 to 50,000, by regularly investing in smaller value.”
The Bajaj Finance Ltd Fixed Deposit Scheme allows flexible return options i.e. monthly, Quarterly, half yearly and annual return options with attractive interest rates. Additionally, senior citizens also get an additional benefit of 0.25% for deposit size upto INR 1 Crore.
Tenor in Months
12 – 13
24 – 35
36 – 60
Bajaj Finance Ltd one of the very few NBFCs in India to be awarded the highest credit rating of FAAA/ Stable by CRISIL and MAAA (Stable) Rating by ICRA for its Fixed Deposits.
HDFC ERGO AND RIVIGO TO PROVIDE RAPID CLAIM SETTLEMENT OF MARINE INSURANCE
HDFC ERGO AND RIVIGO TO PROVIDE RAPIDCLAIM SETTLEMENTOF MARINE INSURANCE
ChennaiFebruary, 2017: HDFC ERGO General Insurance Company, India’s third largest non-life insurance provider in the private sector, has entered into an agreement with RIVIGO, India’s leading logistics solutions provider, to provide Real-time Policy Issuance and Rapid Claims Settlement (RCS) for Marine Insurance policies for RIVIGO’s customers. Through this tie-up, the aim is to ensure the efficiency in policy issuance and delivery process as well as cut down on physical processes in claim settlements.
RIVIGO’s Consignment Note preparation process will be integrated with HDFC ERGO’s policy issuance process. This will facilitate real-time issuance and delivery of the policies to RIVIGO’s customers through emails. Further, with Rapid Claims Settlement (RCS), the claim settlements will become a real-time process. RCS will incorporate image-based processing which will replace the existing process of using external surveyors for small value claims leading to speedy decision-making in claim settlements. The payment of claims will also be done using digital methods, eliminating the delays involved in physically preparing and sending cheques. Surely this will usher in a digitally delightful experience for the customers for RIVIGO.
Talking about the tie-up, Mr. Mukesh Kumar – Executive Director, HDFC ERGO General Insurance Company said, –
“It is our constant endeavour to better our services and we strongly believe in the power of technology, which facilitates the smooth functioning of businesses. We continuously explore opportunities where we can leverage technology and alliances which will enhance our service experience for the customers. Our agreement with RIVIGO is a step in this direction to offer an unmatched service experience to their customer’s, right from policy issuance to the settlement of claims rapidly.”
Speaking on the agreement, Mr.ApoorvGautam, Head of Strategic Initiatives, RIVIGOsaid,“-;
Rapid Claim Settlement is going to be a true game changer in the logistics industry. The product’s inherent value proposition of ‘Rapid Policy Issuance and Claim Settlement’ is unique and so strong that it will soon be the gold standard. This aligns with our value proposition of constant innovation and delivering best in class service to clients. Globally, we are the first company to rollout Rapid Claim Settlement – using technology smartly to enable this. We aim to build a world class product for our customers and create a benchmark in customer servicing in the logistics industry.”
About HDFC ERGO:
HDFC ERGO General Insurance Company is a 51:49 joint venture between HDFC Ltd.; India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO is India’s third largest non-life insurance provider in the private sector. The company offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space. HDFC ERGO is expanding its network across the country and is today present in 108 branches spread across 91 cities with an employee base of over 2000 professionals. The Company also has a wide distribution network besides its own direct sales force.
Gurgaon-based RIVIGO is technology-enabled logistics company that aims to deliver reliability through its network and provide transparency to its clients. Founded in 2014, RIVIGO has been disrupting the sector, with its unique operational model and cutting-edge technology, to consistently provide unparalleled delivery times to its clients while improving quality of life of its delivery people. Its innovative operating model ensures that it delivers goods in unprecedented delivery time across locations, every single time, enabling them to provide superior service to its clients.Rivigo aims to give air shipments by road whilst its entire philosophy is based on making logistics human.