Tag: Customers

Now, a vaccine-linked deposit scheme for Kerala Gramin Bank customers

Banking & Finance

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Even as government bodies are exploring options to encourage people to take Covid jabs, a regional rural bank in Kerala has come out with a novel motivational incentive by offering an additional interest rate on the deposits for its customers.

The product – KGB Kavacham – introduced by the Malappuram-headquartered Kerala Gramin Bank in this regard has started receiving overwhelming customer response since its launch on July 1 that helped the bank to garner additional ₹500 crore deposits till September.

The cumulative deposits opened under the scheme, according to bank officials, will fetch an interest rate of 5.55 per cent, which is higher than the prevalent rate of interest for the same period for normal deposits opened for 15 months by 0.25 per cent

“We joined hands with the government’s Covid vaccination drive by launching this deposit scheme linked to vaccination. It is intended to motivate people to get vaccinated,” KR Bindu, Assistant General Manager, Kerala Gramin Bank, Malappuram told BusinessLine.

Innovative approach

Vaccine hesitancy, reportedly, has resulted in lower turnout of people in Malappuram district compared to other districts in the State which prompted the bank to come up with an innovative idea. “The success of our scheme is evident from the deposit collections,” added Bindu.

This is for the first time in India a rural bank is drumming up support for the government’s vaccination campaign, according to Bindu, and KGB Kavacham is a distinct effort to salute all who braved the trauma and setbacks caused by the Covid pandemic, she added.

Those who have taken a single or double dose of the Covid-19 vaccine are eligible for the bank’s deposit scheme. Besides, the bank has also rolled out a special term-deposit scheme – KGB Platinum – to commemorate the platinum jubilee celebrations of India’s independence – offering a higher interest rate of 5.60 per cent for deposits made for 775 days.

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India Post Payments Bank and HDFC Ltd partner to offer home loans

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Mortgage lender HDFC Ltd and India Post Payments Bank (IPPB) have entered into a strategic alliance to offer home loans to nearly 4.7 crore customers of IPPB.

“Leveraging its extensive and robust country-wide network of 650 branches and over 1,36,000 banking access points (post offices), IPPB aims to make HDFC Ltd’s home loan products and its expertise available to its customers across India,” the two said in a statement on Tuesday.

The partnership aims to facilitate HDFC Ltd’s home loans to customers, especially in unbanked and underserved areas. IPPB will offer housing loans through nearly 1,90,000 banking service providers including postmen and Gramin Dak Sevaks.

J Venkatramu, Managing Director and CEO, IPPB said, “Complemented by our robust network and HDFC’s leadership in the housing finance market, the alliance aims to make housing loans available and accessible, using a digitally-enabled agent banking channel and position IPPB as a one-stop platform for all banking needs of customers, including credit.”

As per the MoU, credit, technical and legal appraisals, processing, and disbursement for all home loans will be handled by HDFC Ltd, while IPPB will be responsible for sourcing of loans.

Renu Sud Karnad, Managing Director, HDFC Ltd said, “IPPB has a strong presence across the country. This strategic alliance will go a long way to promote affordable housing in the remotest locations of our country.”

She further noted that housing is much more affordable today. “In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low-interest rates, subsidies under Pradhan Mantri Awas Yojana and the tax benefits have also helped,” she said.

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India Post Payments Bank, LIC Housing tie up to sell home loans, BFSI News, ET BFSI

Banking & Finance

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India Post Payments Bank (IPPB) has joined hands with LIC Housing Finance for selling housing finance products of the latter to its 4.5 crore customers, a statement said on Tuesday.

Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LIC Housing Finance Ltd’s (LICHFL) home loan products accessible to its customers pan-India, the statement said.

Under the strategic partnership, credit underwriting, processing, and disbursement for all home loans will be handled by LICHFL, while IPPB will source the loans.

The alliance with LICHFL is part of IPPB’s strategy to expand its range of products and services, and to cater to the banking and financial needs of diverse customers, especially unbanked and underserved, across the country.

IPPB already distributes general and life insurance products through partnerships with insurance companies. Credit products are natural extension for the customers at the last mile, the statement said.

IPPB has an on-ground workforce of nearly 200,000 postal employees (postmen and Gramin Dak Sevaks) equipped with micro ATMs and biometric devices for doorstep banking. This will play a significant role in offering LICHFL’s housing loans.

“Easy access to credit for buying a house is an important prerequisite towards achieving inclusive growth. The partnership with LICHFL is a significant tie-up in IPPB’s journey to become one of the largest platforms for availing credit products by our customers for meeting various needs,” J Venkatramu, MD & CEO, India Post Payments Bank said.

LIC Housing Finance MD & CEO Y Viswanatha Gowd said the strategic MoU with IPPB will help the company to further deepen the market penetration.

“It will enable us to increase LICHFL’s home loan product outreach in untapped geographies across the country. With an unmatchable presence of post offices, we see this strategic partnership as a significant step that will help our long-term business growth and improve our market share,” he said.

LIC Housing Finance offers home loans starting from 6.66 per cent for loans up to Rs 50 lakh for salaried individuals.



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Axis Bank introduces policies for employees and customers from LGBTQIA+ community, BFSI News, ET BFSI

Banking & Finance

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Private lender Axis Bank on Monday announced a charter of policies and practices for their employees and customers from the LGBTQIA+ community.

Under this policy all employees can list their partners for mediclaim benefits irrespective of gender, sex or marital status. It has also put in place a Human Rights Policy that offers redressal to challenges faced by employees from this community.

“We recognize that employees could have a gender or gender expression that’s different from their sex assigned at birth,” the bank said in a statement. “They can choose to dress in accordance with their gender/ gender expression.”

Employees can also choose to use the restroom of their choice in accordance with their gender expression or identity.

Axis Bank customers can now also open a Joint Savings Bank Account or a Term Deposit with their same sex partner.

“At Axis, we have put our focus on diversity, equity and inclusion that respects and recognizes the importance of distinctive life journeys and several identities that extend beyond the paradigms of gender,” said Rajesh Dahiya, Executive Director, Axis Bank. “This for us is as much about the invisible markers as it is about the visible ones. It is our belief that it fosters a culture of innovation and leverages the multiple talent pools that exist in a rich demography like ours.”



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Honda Cars ties up with Canara Bank to offer finance options to customers

Banking & Finance

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Honda Cars India Ltd (HCIL) on Monday said it has joined hands with Canara Bank to offer retail finance schemes to customers.

The partnership facilitates HCIL customers to avail easy financing options and hassle free car loans from Canara Bank for purchase of models like Amaze, City, Jazz and WR-V, the company said in a statement.

Special schemes for the auspicious festivities have also been offered to make this buying season even more attractive and rewarding, it added.

The automaker said it has been partnering with multiple banks to offer such schemes across the country with a special focus on semi-urban to rural regions.

“The partnership with Canara Bank is an extension of our efforts towards enabling easy and convenient financing solutions for our customers. We always endeavour to enhance customer experience right from the point of purchase through years of car ownership.

“We are confident that the tie-up with Canara Bank will help us meet the diverse finance requirements of our customers, especially during the upcoming festive season,” HCIL Senior Vice President and Director (Marketing & Sales) Rajesh Goel said.

Canara Bank General Manager (Retail Vertical) RP Jaiswal said the financial benefits include attractive rate of interest, concession in rate of interest to women buyers, minimum processing charges and maximum loan quantum- up to 90 per cent of the total value of the car inclusive of registration, life tax, accessories, etc.

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RBI lifts ban on HDFC Bank issuing credit cards, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India (RBI) has lifted an eight month ban on HDFC Bank in a big relief to the private sector lender, a bank spokesperson confirmed. On December 3, in an unprecedented move the bank was barred from issuing new credit cards and launching any new digital products after multiple issues linked to digital banking, cards and payments on the bank’s platform in the last two years.

HDFC Bank, the largest issuer of credit cards in India lost market share in the last few months as restrictions on issuing new cards meant sales stopped. Outstanding credit cards dropped from 15.4 million in November 2020 to 14.9 million in May 2021.

However, in a call with the media at the end of June the bank’s senior management expressed confidence that they will make up for the lost time by cross selling to liability and other asset customers once the ban on issuing new cards is lifted.

Parag Rao, group head, payments, consumer finance, digital banking and IT at HDFC Bank said the bank is preparing to return to the market “with a bang” whenever RBI removes the ban. In the last seven months the bank has put an early warning system to manage large volumes, declogged processes and replaced old technology as part of its short and long term plan submitted to RBI, Rao said.



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IIFL Securities and Stockal partners to capture the millennial investor base, BFSI News, ET BFSI

Personal Finance

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IIFL Securities,has partnered with Stockal. This partnership will help IIFL Securities’ customers to have access to 3500+ US-listed companies, invest in fractional stocks, and expert-curated Stacks & ETFs to suit the risk and industry preferences of the individual investors.

Owing to vast information globally, and without legal paperwork, it induces millennials to invest prudently. 50% share of Stockal’s customers is held by millennials. The partnership between these two companies will embark the journey of a millennial to invest in the US stock market . This strategic B2B partnership will advance both companies and self- efficacy to assert their reach and product offering for savvy investors.

Sandeep Bhardwaj, CEO, IIFL Securities, said, “The new Indian retail investors, mostly the millennials and Gen-Z-ers, are increasingly looking at diversifying their portfolio in global assets. A general interest in investing in US stocks, especially fractional investing, has been witnessed ever since the Covid-19 pandemic led to domestic market uncertainties. Our partnership with Stockal will open up new avenues for our customers to invest seamlessly in global markets.”

Vinay Bharathwaj, Co-CEO and Co-Founder of Stockal said, “The trust that investors have on IIFL will help global investments soar to the next level. This partnership will help the company offer global investment options to their existing and new customers, thereby ensuring long-term relationships. It will also enable thousands of young Indian investors to get exposure to opportunities offered by the global markets. Together with IIFL, we will help establish a seamless pathway for all investors country-wide.”

Nandakishore Purohit, Chief Digital Officer, IIFL Securities,said, “In the continuous endeavor to provide fully integrated digital investment solutions to our customers our global investment offering is powered by a robust open API platform. It provides a seamless onboarding experience to invest in US stocks and ETF’s to our customers in just a few clicks for the very first time in the industry.”



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20 lakh customers of other banks log in to ICICI Bank mobile app

Banking & Finance

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Over 20 lakh customers of other banks are now using ICICI Bank’s revamped mobile banking app.

“The bank has paced to the milestone in a span of just five months after making iMobile Pay open to all, including customers of other banks,” ICICI Bank said in a statement on Tuesday.

Also read: 10 lakh customers of other banks using ICICI Bank’s mobile app

Trends reveal that customers are using features such as pay to contact, bill payments and scan to pay.

ICICI Bank had opened its mobile banking platform to customers of all banks in December last year.

“The bank has transformed the app and renamed it ‘iMobile Pay’ five months ago to offer interoperability so that anyone, including customers of other banks, can experience the benefits of hassle-free payments and digital banking of ICICI Bank through this app. This was made possible by leveraging NPCI’s interoperable infrastructure,” said Bijith Bhaskar, Head – Digital Channels and Partnership, ICICI Bank.

Also read: ICICI Bank revamps app to offer services of any bank

The app has seen an encouraging response from metro cities and leading state capitals including New Delhi, Bengaluru, Chennai, Hyderabad, Lucknow, Patna, Jaipur, Ahmedabad, among others.

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South Indian Bank launches video KYC account opening

Banking & Finance

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South Indian Bank has rolled out Video KYC Accounting Opening. This digital initiative helps the customer open an account through a video call just with the help of PAN and Aadhaar number of the customer.

Video KYC is a hassle-free mode of account opening which allows the customer to open an account fully online, completing all KYC procedures instantly. KYC documents are verified, and the signature and photograph are captured in the process. Customers can initiate Video KYC Account Opening by visiting https://videokyc.southindianbank.com . The link will be available in the pre-login page of SIB Mirror+ (Bank’s mobile App) and also in the bank’s website.

Video KYC Account Opening is an Artificial Intelligence and Facial Recognition Technology based account opening process. Customers need to enter their Aadhaar number and PAN in the website. Once the Aadhaar authentication is complete, they will have to input personal details and schedule a video call to complete the KYC process. On successful completion of Video KYC, the account will be automatically opened.

“Video KYC Account Opening eases the account opening process in the pandemic situation and will enhance the digital drive of South Indian Bank,” said Murali Ramakrishnan, Managing Director and CEO.

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