Who are TPAs?
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TPA industry is the critical piece in the country’s insurance infra
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Tag: customer
RBI develops escalation matrix for redressal of complaints of SGB investors
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The Reserve Bank of India (RBI) has drawn up an escalation matrix for redressal of customer complaints of investors of Sovereign Gold Bond (SGB).
The central bank said nodal officer/s of the Receiving Office (RO), which include public sector banks and some private sector banks, will be the first point of contact for attending to the queries/complaints of their customers.
In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance.
“The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” RBI said in a statement.
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold.
Investors have to pay the issue price in cash and the bonds are redeemed in cash on maturity. The bond is issued by RBI on behalf of the Union government.
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IndusInd Bank rolls out digital lending platform ‘IndusEasyCredit’, BFSI News, ET BFSI
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IndusInd Bank today, launched the ‘IndusEasyCredit’, a fully digital end to end platform leveraging India’s public digital infrastructure- ‘Indiastack’ to offer personal loans and credit cards in a paperless and cashless manner.
The stack leverages more than 35 interfaces to digitally verify KYC and employment information as well as analyse bank statements. It then uses advanced analytics and machine learning based models to assess eligibility in real time. Post this, the customer can conduct Video KYC and get the loan disbursed into his or her account after executing the agreement digitally.
“Over the past few months, we have been constantly working towards creating a comprehensive solution that enables customers with easy access to credit from the comfort and safety of their homes. ‘IndusEasyCredit’ is a testament to that effort which provides customers with the flexibility to avail a personal loan or a credit card on a single platform, in a completely seamless, paperless, and digital manner.” said Charu Mathur, Chief Digital Officer & Head-Business Strategy, IndusInd Bank in a statement.
Existing as well as non-IndusInd Bank customers can avail an instant personal loan by following the below mentioned steps:
- Complete e-KYC and provide basic details to check eligibility (only applicable for non-IndusInd Bank customers)
- Select the amount from the pre-approved loan offer as required. Accept the auto populated interest rate, processing fee and EMI amount.
- Complete Video KYC (only applicable for non-IndusInd Bank customers).
- Authenticate the request for enabling instant money credit into their account, after digitally signing the agreement.
- The money gets transferred to the customer’s account instantly on completion of this procedure.
In order to avail credit card, customers can simply follow the below steps:
- Complete e-KYC and provide basic details to check eligibility (only applicable for non-IndusInd Bank customers).
- Customers will get the pre-approved offer.
- They can then select the desired IndusInd Bank Credit Card product.
- Complete Video KYC (only applicable for non-IndusInd customers).
- On completion of Video KYC, the said card is dispatched to the customer.
Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the Bank’s website. It will also be made available shortly on IndusMobile, the Bank’s mobile banking application, according to the statement.
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PhonePe partners with Axis Bank on UPI multi-bank model
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Digital payments platform PhonePe on Monday announced that it has partnered with Axis Bank on a Unified Payments Interface (UPI) multi-bank model.
The partnership will provide PhonePe users with the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.
PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank.
PhonePe to tap new revenue streams in financial services, consumer engagement
Digitisation push
Hemant Gala, VP Financial Services & Payments, PhonePe, said, “We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi-bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners, making their transaction experience seamless.”
PhonePe launches ESOPs worth $200 m for its employees
“This collaboration with PhonePe strengthens our commitment towards digitisation of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community while offering secure and seamless payment experiences,” Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank, said.
PhonePe had emerged as the top UPI app in January, processing 968.72 million transactions worth ₹1.92 trillion, according to data by National Payments Corporation of India (NPCI).
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