SBI joins hands with National Insurance
1. Country’s
largest lender State Bank of India today entered into a tie-up with the
National Insurance Company (NICL) to offer non-life cover to its savings
account holders under the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
2. The
bank will offer personal accidental death and disability cover of Rs. 2
lakh under the scheme, it said in a release.
3. The
customer will have to pay an annual premium of only Rs. 12. All the
savings account holders in the age group 18 to 70 years will be eligible for
the cover.
Vijaya Bank ties up with SBI Life
1. Vijaya
Bank has tied up with SBI Life Insurance to launch the social security scheme —
Pradhan Mantri Jeevan Jyoti Bima Yojana.
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2. The
memorandum of understanding was signed by Kishore Sansi, Managing Director and
CEO of Vijaya Bank and Arijit Basu, Managing Director & CEO of SBI Life
Insurance, in the presence of Executive Directors of Vijaya Bank KR Shenoy and
BS Rama Rao
3. Vijaya
Bank is the nationalised banks in India.
4. Vijaya
Bank was established by Shri. Attavar Balakrishna Shetty at Bunts Hostel in
Mangalore on October 23, 1931.
5. The
bank was nationalised on April 15, 1980.
Canara Bank ties up with LIC for PMJJBY
1. Canara
Bank has entered into a memorandum of understanding with Life Insurance
Corporation of India for offering the Pradhan Mantri Jeevan Jyoti Bima Yojana
insurance cover to all its eligible customers.
2. The
bank has also partnered with the United India Insurance Company for offering
the Pradhan Mantri Suraksha Bima Yojana insurance cover.
3. According
to the MoU, LIC will offer a life cover of Rs 2 lakh in case of death of the
insured person at a nominal premium of Rs 330 per
annum.
4. All
savings bank account holders in age group of 18 to 50 years can avail
themselves of product, the bank said.
5. Similarly,
United India Insurance will give accident insurance scheme offering cover for
death or disability on account of accident.
Karnataka Bank in insurance pact with New
India for PMSBY
1. Karnataka
Bank Ltd has entered into a memorandum of understanding with New India
Assurance Co Ltd to introduce Pradhan Mantri Suraksha Bima Yojana to its
customers.
2. Under
the scheme, the accident cover of Rs 2 lakh is
available for a nominal premium of ₹12 to all the
savings account holders aged between 18 and 70 years.
3. A
press release by the bank said here on Thursday that it proposes to cover about
5.80 million customers through its existing 678 branches across India under the
new initiative.
4. P
Jayarama Bhat, MD and CEO, said that the bank is happy to provide the much
sought after financial security to all its eligible customers at an affordable
cost.
5. Karnataka
Bank is a major banking institution based in the coastal city of Mangalore in
Karnataka, India.
6. The
bank now has a national presence with a network of some 678 branches and above
1000 ATM’s across 21 states and two Union territories.
7. It was founded in 1924
8. Its headquarter is in Mangalore Karnataka
Corp Bank and New India Assurance tie up
for PMSBY
1. Corporation
Bank and New India Assurance Co have signed a memorandum of understanding for
implementing the ‘Pradhan Mantri Suraksha Bima Yojana’.
2. Under
the scheme, the Aadhaar-linked savings bank account-holders of the bank will be
eligible for a cover of Rs 2 lakh at a premium of Rs 12 a year.
3. The
enrolment period for the scheme is from June 1 to May 31, 2016.
Muthoot Group ties up with Wiki Tech for US
India payment corridor
1. The
Muthoot Group has announced a partnership with Wiki Technologies Inc of the US
to open a US-India payment corridor by leveraging the power of the WikiPay
platform.
2. Under
the partnership, the group will initially market the WikiPay platform to its
22,000 employees and subsequently to its 6 million customers in India.
3. Through
the platform, people residing in the US can use the WikiPay online platform to
send payments to friends and family to any bank account in India and more than
8,000 cash pick-up locations across the country.
4. The
Muthoot Group is an 127-year-old business house based in India.
5. It
has interests in Financial Services, Information Technology, Media, Healthcare,
Education, Power Generation, Infrastructure, Plantations, Precious metal,
Tourism, and Hospitality.
6. The
Muthoot Group operates in 23 states in India, and has presence in USA, UK and
UAE. It is wholly owned and managed by the Muthoot Family.
7. The
Company was set up by Muthoot Ninan Mathai in 1887 at Kozhencherry, a small
town in the erstwhile Kingdom of Travancore (Kerala).
Kotak Mahindra Bank to open branch at GIFT
City
1. Kotak
Mahindra Bank, country’s 4th largest private sector lender, is plans
to open a branch at the international finance centre (IFC) at the GIFT City in
Gujarat.
2. Kotak bank will be tracking developments on the regulatory and taxation
fronts in its effort to start operations from the GIFT City near Ahmedabad,
which is the country’s first IFC.
3. Though
located physically in the country, an IFC is aimed at acting like a foreign
operations office to facilitate easy movement of capital.
4. For
banks, it helps having a presence because they can serve the foreign currency
needs of their corporate clients through such a presence.
5. The
Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi,
Mauritius and Singapore, including representative offices and branches.
6. The
bank had recently finished Rs 15,000 crore merger of south-focused ING Vysya
Bank with it to become the fourth largest lender in private space.
GIFT
CITY
1. Gujarat
International Finance Tec-City or GIFT is an under-construction central
business district in the Indian state of Gujarat.
It
will be built on 886 acres (3.59 km2) of land.
2. Its
main purpose is to provide high quality physical infrastructure (electricity,
water, gas, district cooling, roads, telecoms and broadband), so that finance
and tech firms can relocate their operations there from Mumbai, Bangalore,
Gurgaon etc. where infrastructure is either inadequate or very expensive.
3. It
will have a special economic zone (SEZ), international education zone,
integrated townships, an entertainment zone, hotels, a convention center, an
international techno park, Software Technology Parks of India (STPI) units,
shopping malls, stock exchanges and service units.
Pradhan Mantri Suraksha Bima Yojana
1. PMSBY Scheme – for Accidental Death Insurance
2. Scheme is available for the people of age group 18 to 70 years with bank account.
3. Premium: Rs.12 per annum.
4. Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
5. Risk Coverage: For accidental death and full disability – Rs.2 Lakh and for partial disability – Rs.1 Lakh.
6. Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
7. Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
8. Who will implement this Scheme? : The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
9. Government Contribution: Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year. Common Publicity Expenditure will be borne by the Government.