• Tata AIA Life Insurance partnered with East Consultancy Services to offer Aadhaar-based paperless offline e-Know Your Customer (KYC) service.

• This tie up helps to service the customer during the COVID-19 pandemic crisis.

• The e-KYC service will offer uninterrupted service to customers during the online application process for the company’s life insurance solutions.

• It will create Tata AIA Life’s End-to-End Digital Sales System, enabling remote purchase of its life insurance solutions.

• Karnataka Bank in partnership with Universal Sompo General Insurance Company has launched a health insurance policy.

• The policy aims to cover the individuals’ COVID-19 pandemic related health expenses.

• The health cover can be availed at a nominal premium(current price without taking inflation or other factors into account) of Rs 399, inclusive of all taxes.

• It will cover-in-patient hospital expenses up to Rs 3 lakh, outpatient treatment expenses of Rs 3000.

• The policy will provide Rs 1000 per day against the expenses incurred towards 14 days of quarantine in a government or military hospital.

• In exercise of powers conferred under Section 29A (1) (b) of NHB Act, 1987, RBI proposes to increase the minimum NOF for HFCs from the current requirement of Rs10 crore to Rs 20 crore in order to strengthen their capital base.

• Existing HFCs will get one year to reach the level of Rs 15 crore and two years to increase it to Rs 20 crore.

• CSB Bank Limited announced that the Board has appointed Mr. Pralay Mondal as the organization’s President (Retail, SME, Operations and IT). Mr. Mondal is expected to join the Bank in September 2020.

• He has around 30 years of banking experience across multiple business and functions including retail assets, retail liabilities, business banking, products and technology. Before joining Axis Bank, Mr. Mondal was the Senior Group President and Head of Retail and Business Banking at Yes Bank.

• He was instrumental in setting up the entire retail franchise in that bank in a short period of time. Prior to that he had a successful 12 years’ stint at HDFC Bank and was earlier associated with Standard Chartered Bank, Wipro InfoTech and Colgate Palmolive.

• ICICI Home Finance Company Limited (HFC) has launched “SARAL” scheme for a special affordable house loan for urban and rural areas.

• The beneficiaries are women, lower, middle-income customers and economically weaker sections, with a maximum household income up to Rs 6 lakh per annum.

• The loan requires compulsory ownership of a woman in the country’s rural areas from Rs 3 lakh to Rs 6 lakh. The maximum limit of the loan is Rs 35 lakh.

• The interest rate of the loan starts from 7.98%. The maximum tenure of the loan is 20 years. Customers with pre-existing loans can also transfer their loans.

• India’s 3rd largest lender, Bank of Baroda will completely digitize its lending operations including home, agriculture, Micro, Small and Medium Enterprises (MSME), personal and auto loans.

• The bank has set up a new vertical, digital lending department at the corporate office, which will have substantial overlap with various credit verticals including Retail, MSME, Agri & service verticals like Analytics centre, Risk Management, Marketing.

• To set up this digital lending department the bank has reached out to the Big Four and some white shoe consultants like McKinsey and Boston Consulting Group.

• The bank has recently completed its merger with Vijaya Bank and Dena Bank.

• Here ‘P’ stand for Placements, the expanded form of QIPs is Qualified institutional placements.

• Qualified institutional placement (QIP) is a capital-raising tool, primarily used in India and other parts of southern Asia, whereby a listed company can issue equity shares, fully and partly convertible debentures, or any securities other than warrants which are convertible to equity shares to a qualified institutional buyer (QIB).

• Hyundai Motor India Limited(HMIL) partnered with HDFC Bank to offer industry 1st online auto retail financing on its end-to-end online automotive retail platform, ‘Click to Buy’ to the customers.

• Under this collaboration, HMIL will provide customised car financing solutions to its customers from HDFC bank through its online car buying platform.

• This partnership enables the customers to choose loans and get the funds they need to buy their favorite Hyundai car without visiting HDFC Bank branch.

● Yes Bank has partnered with fintech startup “Affordplan” to launch ‘Swasth Card’, a co-branded healthcare card, under Swasth program.

● Yes Bank’s wallet has also been integrated on Affordplan Swasth to enable wallet QR scan for making payments to merchant partners empanelled on the Affordplan Swasth app. Equipped with a chip-enabled card, digital wallet, goal-based savings, loans, and insurance, Swasth program extends access to a family seeking curative as well as preventive care.

• The Reserve Bank of India (RBI) extended a special liquidity window for Rs 50,000 crores to Yes Bank for three months, to help private lenders cover for shortfall in deposits.

• The Yes bank was first provided with a special liquidity window for 3 months in March, which ended in June. The bank has requested for the same facility for one year, against which the RBI has extended for another 3 months.

• The RBI has made the emergency credit line of nearly Rs 600 billion available when the bank was under a moratorium that restricted deposit withdrawals at 50,000 rupees.

• The capital infusion will help Yes Bank diversify its ownership, meet the regulatory requirement and fund its growth.