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BUSINESS AND ECONOMY - December 2018

Dec 2018

Jul 08, 2024

General Insurance Company Universal Sompo Launches AI-Powered Tools for Faster Motor Claim Settle...

General Insurance company Universal Sompo unveiled two innovative AI-powered tools for a smooth motor claim settlement process. The new solutions, 'Universal i Assess' and 'Universal i Gen' designed to significantly expedite claim assessments and improve customer experience.
'Universal i Assess' utilises advanced technologies including neural network image processing, analytics, machine learning, and natural language processing to enable real-time damage assessments. Surveyors can now simply capture images of vehicle damage using their smartphones, and the AI system will automatically identify the vehicle details, pinpoint damaged areas, and provide an instant claims estimate.

Bandhan Bank Names Ratan Kumar Kesh as Interim Head

Bandhan Bank appointed Executive Director Ratan Kumar Kesh as its interin head to navigate the daily operations as Managing Director and Chief Executive Officer Chandra Shekhar Ghosh is all set to step down.
The board of the Kolkata-based lender took the decision, pursuant to the approval of Reserve Bank of India. Kesh will take charge on July 10 for a period of three months or till a new MD and CEO joins, whichever is earlier.

Jul 07, 2024

RBI Slaps Rs. 1.32 Crore Monetary Penalty on PNB

The Reserve Bank of India (RBI) on July 5 imposed a monetary penalty of Rs. 1.32 crore on Punjab National Bank (PNB) for violations related to loans and advances and Know Your Customer (KYC) norms.
The penalty was imposed due to PNB sanctioning working capital demand loans to two state government-owned corporations against amounts receivable from the government by way of subsidies, refunds, or reimbursements. Additionally, the bank failed to preserve records pertaining to the identification of customers and their addresses obtained during business relationships in certain accounts.

Jul 06, 2024

LIC Launches Agency Transformation Initiative 'Jeevan Samarth'

LIC launched the 'Jeevan Samarth', an initiative aimed at transforming the agency ecosystem. To achieve this, Life Insurance Corporation (LIC) has partnered with a global consulting firm, which will undertake this agency transformation project by reviewing its existing agency framework on an end-to-end basis.
It will also entail revamping the agency operations at the branch, division and zonal level directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector.

Women Entrepreneurship Platform and TransUnion CIBIL Launch SEHER

The Women Entrepreneurship Platform (WEP) and TransUnion CIBIL launched SEHER, a credit education program designed to empower women entrepreneurs in India. SEHER aims to provide financial literacy content and business skills, facilitating access to essential financial tools for growth and employment creation.

Muthoot Finance Selected for FATF Mutual Evaluation Report 2023-24

Muthoot Finance was exclusively selected as the only Indian NBFC for the Financial Action Task Force's (FATF) Mutual Evaluation report for 2023-24. This recognition highlights Muthoot Finance's global trustworthiness and compliance with stringent financial regulations.
The FATF, established in 1989, is a global authority that develops policies to combat money laundering, terrorism financing, and other significant threats to the financial system. The FATF conducted a comprehensive assessment of various entities in India, including law enforcement agencies, industry bodies, banks, and NBFCs, evaluating their efforts in combating financial crimes.

SBI Announces Initiatives to Mitigate Risks in Agriculture Loan Portfolio

The country's largest lender SBI announced 11 new initiatives — including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells — to mitigate risks in its agricultural loan portfolio.
On the occasion of the 69th Foundation Day, State Bank of India announced these initiatives to widen the bank's accessibility to address the banking needs of its potential customers.
SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app.
The bank also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity.
The entire process will be managed on SBI's digital platform from applicant registration on the MNRE/REC portal to loan disbursement.

Jul 05, 2024

RBI Appoints Smt. Charulatha S. Kar as New Executive Director

Reserve Bank of India (RBI) appointed Smt. Charulatha S. Kar as Executive Director (ED).
Before being promoted as ED, Smt. Kar was serving as Chief General Manager-in-Charge in the Human Resource Management Department.
Smt. Kar has experience of over three decades in the Reserve Bank having worked in areas of Payment and Settlement Systems, Information Technology, Government Banking, Internal accounts, and Human Resource Management. She has represented the Reserve Bank in several Working Groups of BIS and has served as a member of other internal and external Committees.
As Executive Director, Smt. Kar will look after the Department of Communication, Human Resource Management Department, and Right to Information (First Appellate Authority). Smt. Kar is a post-graduate in commerce from the University of Mumbai and Diploma in Treasury & Forex management. She is also a Certified Associate of IIBF.

NABARD Partners with Online PSB Loans Ltd to Digitalise Jan Suraksha Schemes for Regional Rural B...

National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited signed an agreement to promote financial inclusion through regional rural banks.
The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
This initiative represents a significant stride towards bridging the financial gap in rural areas and will further empower Regional Rural Banks to leverage digital solutions for seamless enrolment and efficient settlement of Jan Suraksha schemes.

Indiabulls Housing Finance Rebrands Itself, Name Changed to Sammaan Capital

Non-banking finance company Indiabulls Housing Finance Limited announced that it officially changed its name to 'Sammaan Capital Limited', following the receipt for Certificate of Incorporation issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-ICC from the RBI.
The renaming and rebranding happened in the company's 25th year of operation. It originated in the year 2000 as 'Indiabulls Financial Services Limited'.

Jul 04, 2024

Bajaj Allianz Life launches Nifty Alpha 50 Index Fund

Bajaj Allianz Life announced the launch of Bajaj Allianz Life Nifty Alpha 50 Index Fund that will be available for investors looking to purchase ULIP products. According to the company, this new fund presents a unique opportunity for investors to capitalize on the growth potential of high-alpha stocks, diversify their portfolios, and enjoy the benefits of an index-based investment approach, along with a life cover.
Nifty Alpha 50 Index considers Jensen Alpha while calculating excess returns for the stock. Jensen Alpha (α) refers to excess return generated by a stock/investment over and above the expected return by using capital asset pricing model. The fund aims to provide capital appreciation by investing in equities that are part of the Nifty Alpha 50 Index, which includes the 50 stocks with the highest alpha from the top 300 stocks by free-float market capitalization.

ICICI Bank Launches Pre-Paid Sapphiro Forex Card for International Students

ICICI Bank launched of its 'Student Sapphiro Forex Card', a premium forex prepaid card crafted specifically for students who are going abroad for higher education. The card, powered by Visa, provides exclusive benefits and convenience to students as well as their parents to manage education related expenses abroad such as admission fees, course-related fees and other day-to-day expenses including travel, dining and groceries, among others.

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