IndiaFirst has surpassed its rural and social obligations laid down by the insurance regulators—IRDA
IndiaFirst Life Insurance, a joint venture between two public sector banks—Bank of Baroda and Andhra Bank along with UK’s risk, wealth and investment company Legal & General, has achieved nearly 14% of its overall business for 2010-11 from the rural sector.
IndiaFirst has surpassed its rural and social obligations laid down by the insurance regulators—Insurance Regulatory and Development Authority (IRDA). IndiaFirst has not only acquired 14% of its business from the rural areas but has also covered over 5 lakh lives in the social sector in the first year of its operations–taking the benefits of life insurance to the door steps of customers across the country, irrespective of their location.
IndiaFirst initially focused on the bancassurance model, leveraging the existing customer base of its promoter banks—Bank of Baroda and Andhra Bank. Both the banks put together provide IndiaFirst access to over 50 million customers and a distribution network of over 4,500 branches across the country. Both banks also have a huge semi urban and rural network. The challenge for IndiaFirst will be to optimally exploit the entire potential provided by them.
IndiaFirst has also tied up with SERP (Society for Elimination of Rural poverty), an autonomous society of the Department of Rural Development, Government of Andhra Pradesh to provide cover to all members of Self Help Groups in Andhra Pradesh. The project will cover 1.5 crore to 1.75 crore women who take small loans from the banks.
Ramesh Mengawade, CEO, ElectraCard Services said, “As technology partners, our focus will be to ensure a smooth migration and assist IndusInd Bank to deliver a credit card programme which enhances customer experience”
ElectraCard Services (ECS), a provider of technology and business solutions in the electronic payments domain, signed an agreement with IndusInd Bank to extend technology and processing services for their credit card business effective 1 June 2011.
As technology partners, ECS will cater to various aspects of credit card program with a bouquet of product offerings like comprehensive credit card management solution electraCREDIT, advanced fraud management engine electraGUARD, comprehensive collection solution electraCOLLECT and fraud prevention solution for ecommerce transactions electraSECURE.
IndusInd bank had recently announced its foray into the credit card business, after acquiring a leading foreign bank’s credit card business in India. With this acquisition, the Bank has access to a high quality customer base. ECS, as technology partners will provide the technology, processes and expertise to ensure a seamless migration and meet the Bank’s requirements of delivering fast and secure platform to service its customer base today and in the future, which is expected to see sizable growth.
Ramesh Mengawade, CEO, ElectraCard Services said, “As technology partners, our focus will be to ensure a smooth migration and assist IndusInd Bank to deliver a credit card programme which enhances customer experience. We are confident, that IndusInd Bank, like our other partners in India and international markets will benefit from our knowledge base and innovative solutions.”
Kotak Mahindra Mutual Fund new issue closes on 8th June
Kotak Mahindra Mutual Fund has launched Kotak FMP Series 49 (370 Days), a close-ended income scheme.
The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenor of the scheme is 370 days.
The new issue closes on 8th June. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Deepak Agrawal and Abhishek Bisen will be the fund managers for the scheme.