Tag: partnership

Bharti AXA Life partners with Utkarsh SFB

Banking & Finance

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Bharti AXA Life Insurance has entered into a bancassurance partnership for Utkarsh Small Finance Bank to distribute its life insurance products.

Bharti AXA’s suite of life insurance plans, including protection, health, savings and investment plans, will be available for purchase to 3 million+ customers of the Bank across its 600+ branches in 202 districts spread across 19 States and two Union Territories.

Parag Raja, MD & CEO, Bharti AXA Life Insurance, said in a statement, “This tie-up will help us reach the tier-II and -III markets with insurance solutions. Our alliance with Utkarsh Small Finance Bank will also help empower the Bank’s customers with protection and holistic financial planning solutions from our comprehensive product portfolio.’’

Govind Singh, MD & CEO, Utkarsh Small Finance Bank said: “This is a significant development for the Bank, as we increase our third-party product offering to our customers spread across the country. With Bharti-AXA Life Insurance Co Ltd, we strengthen our insurance product offering and further diversify the value proposition to our customers. With this tie-up, the Bank is well placed to provide our customers a choice of life insurance products that best suits their needs and convenience.”

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SBI extends partnership with TCS for another 5 years

Banking & Finance

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Tata Consultancy Services (TCS) on Wednesday announced that its long-standing client State Bank of India (SBI) has extended its partnership for another five years.

SBI has been using TCS BaNCS for over two decades now. As a part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes.

Digital solutions for Gen Next banking

In addition, TCS will continue to leverage its contextual knowledge of SBI’s business and technology landscape to help the bank with large transformation programmes to help its customers make their day-to-day banking easy and secure. In the most recent such engagement, TCS is helping build Bharat Craft — an omnichannel, online B2B e-commerce platform which would serve as a marketplace for MSMEs, jointly driven by SBI and the Government of India.

As fintechs turn up the heat, banks must up their tech game

Prior to that, TCS collaborated with SBI to execute the simultaneous merger of five associate banks and Bharatiya Mahila Bank. The colossal undertaking involved integrating over 200 business processes, over 43 IT applications, 17,500 products, and over 50 billion database records, impacting over 50,000 tellers across 7,000 branches. Immaculate planning and execution ensured accomplishment of all goals, without any interruption to services, in just six weeks, TCS said.

‘Valuable partner’

Ravindra Pandey, DMD & CIO, SBI, said, “Technology and innovation have been at the core of SBI’s growth and transformation journey over the last two decades. TCS has been a valuable partner since the beginning and has supported us in building and running a high-performing, resilient and scalable core banking platform that is foundational to all our digital initiatives. We are pleased to extend our relationship with TCS as we continue to work together to launch new initiatives for enhanced customer experience.”

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Paytm and HDFC Bank enter into strategic partnership

Banking & Finance

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IPO-bound Paytm, the country’s largest payments platform, and HDFC Bank, the largest private sector bank, have entered into a strategic partnership.

This brings together two market leaders who will drive innovative digital solutions for financial transformation in the country by combining their strengths in the banking, lending and digital payments space.

The fusion of HDFC Bank’s network, products and credit appraisal capabilities and Patym’s technological platform will accelerate digital transformation in semi urban and rural India while bringing more people into formal banking channels.

Partnership

Talking about the partnership, Bhavesh Gupta, CEO, Paytm Lending said in a statement, “Together we aim to provide innovative digital lending and payment solutions for consumers and merchants alike.This partnership will further strengthen financial services ecosystem by bringing together our technology and digital solutions and HDFC Bank’s retail and credit prowess.”

Renu Satti, COO, Offline Payments, said, “Paytm’s reach in the offline and online merchant space and HDFC Bank’s retail influence, will aim for dynamic growth in the payments space. Paytm has a history of launching innovative products that have made way for adoption of retail payments among various merchant partners. This partnership aims to bring innovative products focusing on affordability.”

Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said, “As India’s largest issuing and acquiring bank, we have always endeavoured to personalise our offerings to customers-consumers, businesses and corporate houses. Through this partnership we will also be jointly delivering enhanced SmartHub solutions to the market. We believe that this is the start of a great partnership and the cumulative strength of both HDFC Bank and Paytm will help us strengthen our respective leadership positions”.

HDFC Bank SmartHub solutions is an integrated platform offering merchants a one stop solution shop for all their business needs-payments, banking, lending and segment specific business solutions.

Paytm , which has filed a draft offer document with SEBI for an Initial Public Offering (IPO), is India’s largest payments platform with 333 million users and 21 million merchants onboard

With over 50 million card customers (both credit and debit cards) HDFC Bank is a strong player in the payments ecosystem with leadership in both credit card issuing and acquiring businesses. It has a footprint of over two million merchant acceptance points and 48 per cent business market share on merchant acquiring volume.

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HDFC-Indiabulls Housing co-lending partnership: Is it a prelude to something bigger?

Banking & Finance

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Is the co-lending partnership between Housing Development Finance Corporation Ltd (HDFC) and Indiabulls Housing Finance Ltd (IBHFL) a prelude to something bigger?

Currently, the Reserve Bank of India (RBI) only has guidelines for co-lending by banks and non-banking finance companies (NBFCs) for lending to the priority sector.

There are no specific RBI guidelines governing co-lending by two NBFCs (including housing finance companies/ HFCs).

 

So, the co-lending partnership between HDFC, India’s largest standalone HFC, and IBHFL, whose loan book shrunk in the second and third quarters of FY21, comes as a surprise.

In terms of RBI’s “Co-Lending Model”(CLM), banks are permitted to co-lend with all registered NBFCs (including HFCs) based on a prior agreement.

Under this model, NBFCs are required to retain a minimum of 20 per cent share of the individual loans originated by them on their books, with the partner banks taking their share on a back-to-back basis in their books.

As per RBI guidelines, CLM is aimed at improving the flow of credit to the unserved and underserved sector of the economy and make available funds to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs.

HDFC, in a statement, said the objective of the co-lending program is to increase its distribution bandwidth, which will lead to additional retail housing loan business.

Under the co-lending programme, IBHFL will originate and process retail home loans as per jointly formulated credit parameters and eligibility criteria. The Corporation will have 80 per cent of the total loan in its books. IBHFL will service the loan account throughout the life cycle of the loan

So, once the co-lending partnership matures, what could be the next logical step? Is this partnership a smoke signal on a possible amalgamation down the line? Only time will tell.

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Kotak Investment Advisors, Allianz Investment Management ink pact to invest in India’s private credit market

Banking & Finance

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Kotak Investment Advisors Limited (KIAL) has entered into a partnership with Allianz Investment Management SE, the investment management arm of insurer Allianz Group, to invest in the Indian private credit market.

In February 2021, Allianz made its maiden credit investment of $150 million in KIAL’s 11th Real Estate Debt Fund that achieved a closure of $380 million. KIAL’s Real Estate Fund primarily focuses on financing early- and late-stage real estate projects across the country.

Also read: Kotak’s AIF sees opportunity in real estate sector

Allianz’ total private credit investments in India so far is about $650 million and the firm is looking to increase it to $1 billion in 2021.

KIAL, a wholly-owned subsidiary of Kotak Mahindra Bank Limited, focuses on the group’s alternate assets businesses.

“Kotak Investment Advisors’ partnership with Allianz is indeed momentous not only for us, but also for the Indian alternate asset management industry. As a growth economy, the Indian economy’s capital needs are spread across the spectrum of equity and credit. Our partnership blends on the strength of two partners. Allianz brings with it the much-wanted large package of dry powder and KIAL has the expertise in identifying the right opportunities as and when they arise in India,” Uday Kotak, Managing Director and Chief Executive Officer at Kotak Mahindra Bank, said.

“India is one of the largest private debt markets in Asia and fits well into our portfolio as a high-quality diversifier. The real estate players in India are struggling to get access to traditional lending. We believe in the long-term potential of the sector in India that presents a favourable risk-reward ratio for private credit. We are excited to partner with Kotak, one of India’s most trusted investment managers, to provide the much-needed debt capital to accelerate completion of early- and late-stage real estate projects in India,” Sebastian Schroff, Global Head of Private Debt at Allianz Investment Management, said.

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