Lakshmi Vilas Bank implements financial inclusion

Lakshmi Vilas Bank extends banking services through business correspondents

Lakshmi Vilas Bank has announced to implement 'Financial Inclusion' in Tamil Nadu through an extension of its banking services by appointing 'Business Correspondents' across the state.

The bank has planned to implement its services with an objective of ensuring greater reach to the underprivileged sections of the society through availing the business correspondent services of intermediaries like NGOs/self help groups, microfinance institutions and other civil society organization (CSOs). State Level Bankers' Committee (SLBC) of Tamil Nadu has allotted 53 villages to Lakshmi Vilas Bank for promoting financial inclusion. These 53 villages are spread over 18 districts and are mapped to 42 branches of Lakshmi Vilas Bank in Tamil Nadu.

PR Somasundaram, MD & CEO, Lakshmi Vilas Bank said, "The bank is extensively involved in social sector lending throughout the country. Over two lakh customers directly benefit from our social sector lending programme. They are serviced through 51 branches in rural locations and 105 branches in semi-urban locations. The bank will be making available a wide range of financial services to every individual particularly weaker sections and low income groups."
For implementation of Financial Inclusion solution, Bank has tied up with Atom Technologies, to act as business correspondent and technology services provider, who will appointing the CSP (Customer Service Point) for our Bank.

On Monday, Lakshmi Vilas Bank ended 0.72% down at Rs96.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.22% to 17,839.05.

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Aviva ties up with Suvidhaa for renewal payment acceptance service

Aviva Life Insurance has tied up with Suvidhaa to launch payment renewal service across 500 cities and 10,000 touch points in India

Aviva Life Insurance has tied up with Suvidhaa, pioneer of the Services Commerce (S-Commerce) revolution in India, to launch its new payment renewal service across 500 cities and 10,000 touch points.

Snehil Gambhir, director, operations & business excellence, Aviva Life Insurance said, "This new service will not only add to our services ecosystem and provide additional convenience to our customers for premium payments, it will also boost our persistency."

This service will provide Aviva customers a hassle free option to walk into any Suvidhaa outlet, provide some basic information for verification, and pay the renewal premium. Customers will also be given a receipt of their premium paid at the outlet. It will also provide them a secure transaction platform along with 24x7 call centre assistance from Suvidhaa.

Through this tie up, Aviva India will increase its customer touch points via a pan India outlet presence and will expand its alternate channel penetration for renewals apart from Aviva branches and various other alternatives.

In addition to the Suvidhaa outlets, Aviva customers can continue to choose to pay premiums through their credit card, online bank transfers, ECS facilities, Skypak dropboxes and at Aviva branches.

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Standard Chartered Bank picks up stake in United Stock Exchange

Standard Chartered Bank (Mauritius) has subscribed for around 3% stake in the United Stock Exchange

Standard Chartered Bank (Mauritius) Ltd has joined the shareholder base of United Stock Exchange of India Ltd (USE) by subscribing for approximately 3% stake in the exchange, in the process becoming the first foreign bank to invest in USE.

The USE currently operates in the currency derivatives space and offers currency futures in all the four currency pairs permitted by SEBI and is one of the only two stock exchanges in India to offer currency options on USD-INR currency pair.

The USE is India's newest stock exchange for currency derivatives. The exchange offers a better platform to corporates and SMEs for managing forex risk as spread rates in an exchange are better and it does not involve any counter party risk.
 

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