BANKING & FINANCE News 6th Jan 2017

By: D.K Choudhary

Karnataka Bank launches group Personal Accident Insurance Scheme named KBL Suraksha
i. Karnataka Bank has launched has launched a group Personal Accident Insurance Scheme for all its Saving Bank(SB) Account holders. The insurance scheme is named “KBL Suraksha” and provides insurance cover for accidental death.
ii. All the SB Account holders within the age group of 18-70 years can register themselves for the insurance scheme. The KBL Suraskha Scheme comes in two variants.
iii. Plan A– provides an accidental insurance of Rs 5 lakh on payment of Annual premium of Rs 50(plus service charge). Plan B – provides an accidental insurance of Rs 10 lakh on payment of Annual premium of Rs 100(plus service charge). The maximum renewal age for the policy will be 75 years.KBL Suraksha
iv. Karnataka Bank has launched the insurance scheme in association with Universal Sompo General Insurance. The bank has launched a month-long campaign to promote its “KBL Suraksha” scheme.
About Karnataka Bank
♦ Headquarter : Mangaluru, Karnataka, India
♦ MD and CEO : Shri P.Jayarama Bhat
♦ Tagline : Your Family Bank. Across India.

SIDBI ties up with LIC for capital support to enterprises
i. Small Industries Development Bank of India (SIDBI) has tied up with Life Insurance Corporation of India (LIC) to give a boost to the venture capital ecosystem for MSMEs.
ii. LIC and SIDBI signed Contribution Agreements with 7 Venture Capital Funds (VCFs) with an aggregate commitment of Rs 99.50 crore from LIC on January 03 in New Delhi. This is over and above commitment of Rs 162.75 crore already given to these funds by SIDBI.
iii. Commitments made by SIDBI in fiscal years 2015 and 2016 were Rs 314.40 (11 funds) and Rs 606.75 crore (19 funds), respectively.
iv. SIDBI constituted a Venture Capital Investment Committee (VCIC) in 2015 to outlook this process. The panel comprises experts such as H K Mittal (head, National Science & Tech Entrepreneurship Development Board), Kiran Karnik (former Nasscom chief), Sanjeev Bikhchandani (founder, naukri.Com), Saurabh Srivastava (co-founder Nasscom and Indian Angel Network), Prof R Vaidyanathan (from IIM, Bangalore) and T V Mohandas Pai (former CFO, Infosys).
♦ Headquarters: Mumbai
♦ Founder: Government of India
♦ Founded: September 1, 1956

About D.K Chaudhary

Polityadda the Vision does not only “train” candidates for the Civil Services, it makes them effective members of a Knowledge Community. Polityadda the Vision enrolls candidates possessing the necessary potential to compete at the Civil Services Examination. It organizes them in the form of a fraternity striving to achieve success in the Civil Services Exam. Content Publish By D.K. Chaudhary

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