By: D.K Choudhary
Bank of Maharashtra ties up with Cigna TTK
i. Public sector lender Bank of Maharashtra has partnered with insurance company Cigna TTK Health to market the insurer’s products in the bank’s branches across the entire country
ii. Under the agreement, the bank will offer the all of Cigna TTK’s superior health insurance products to its 2 crore customers through its network of over 1,896 branches, its 14,000 bank employees across the country as well as through its digital platforms.
Bank of Maharashtra
♦ Chairman & MD: Ravindra Prabhakar Marathe
♦ Headquarters: Pune
♦ Motto: One Family One Bank
Axis Bank ties up with Earthport
i. India’s third largest private bank, Axis Bank has tied up with Earthport Plc, a cross-border payment network, to enable faster outbound cross-border payments for its customers through Earthport’s state-of-the-art global payments network.
ii. Axis Bank has become the first bank in India to connect with Earthport’s global payments network, which spans over 60 countries.
iii. The Bank joins a growing number of major banks across the globe that can, through a single connection with Earthport, send payments seamlessly to almost any bank account in the world on behalf of their clients, while delivering a faster, more efficient and cost-effective service.
Axis Bank :
♦ CEO: Shikha Sharma
♦ Headquarters: Mumbai
Ujjivan Small Finance Bank Starts Pilot Operation in Bengaluru
i. The Ujjivan Small Finance Bank officially started its operation on February 6, 2017 with 5 pilot branches in Bengaluru. Samit Ghosh is the MD and CEO of the Ujjivan Small Finance Bank.
ii. The five pilot branches of the Ujjivan SFB would offer full services to its customers. The Ujjivan Small Finance BankSmall Finance Bank will test its technology, channels, people and processes for a period of one month as a part of its pilot launch.
iii. The Bank aims to launch about 14 branches by March 2017 and extend services across 457 branches in 24 states in a planned and phased manner over the next few months.
iv .The Ujjivan SFB will work to become the leading retail bank in the next five years to cater to the needs of the un-served and under-served customers.
v. Ujjivan SFB would offer an attractive rate of interest in the range of 5.5 percent to 8 percent on Fixed Deposit and Recurring Deposits. The bank will offer an interest rate of 4 percent on savings account.
vi. The Ujjivan SFB will provide unlimited access to ATM transactions on Ujjivan’s ATM network and a total of six free transactions on other bank’s ATM networks. Benefits like Biometric ATMs, RuPay Debit Card, Phone, Internet & Mobile Banking would be provided on saving account.
vii. The Non-banking financial company, Ujjivan Financial Services is the holding company of the small finance bank. It was among the 10 entities to get license from the Reserve Bank in 2016 to commence small finance banking operations.