Iob Applications In The Insurance Sector For Policy Customization
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After UCO Bank, IOB asked RBI to remove immediate corrective action. IOB MD and CEO Partha Pratim Sengupta said the bank has not heard from the government on the privatization issue.
Iob Applications In The Insurance Sector For Policy Customization
Indian Overseas Bank | Brickwork Ratings India has rated the Rs 500 crore Basel III Tier II bond issue as ‘BWR AA-/Stable’.
Iob Health Care Plus Policy Proposal Form
Chennai-based Indian Overseas Bank (IOB) has asked the Reserve Bank of India (RBI) to withdraw from the so-called prompt corrective action (PCA) framework. Managing Director and Managing Director Partha Pratim Sengupta said the request was made a few weeks ago.
“In terms of all the PCA ratios, we have achieved in the last quarter as well, except for one ratio which is the leverage ratio. We feel very good about all the parameters because of the return on earnings and the fund raising by the Government of India,” Sengupta said after IOB announced the January – its financial results for the March quarter Creditors received 4,100 billion from the government.
Under the PCA, the RBI has introduced business restrictions for banks with poor financial performance. The severity of PCA restrictions is decided on a case-by-case basis.
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IOB came under the PCA in October 2015. Last week, Kolkata-based UCO Bank, which has been under PCA since 2017, said it had made a similar request to the regulator to exit the framework.
The bank posted a net profit of Rs 831.47 crore in FY21, compared to a loss of Rs 8,527.40 crore in FY20. IOB’s gross non-performing assets (NPA) ratio increased to 11.69 percent from 12.19 percent in the December quarter, while the net NPA ratio rose to 3.58 percent from 3.13 percent. The capital adequacy ratio (CAR) increased from 10.72 percent to 15.32 percent.
Return on assets was 0.5 percent on March 31, 2021, compared to 0.2 percent on March 31, 2020.
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Sengupta said IOB had not heard from the government about the privatization of the bank. “There is no official communication. In practice, we don’t even think about it. The goal is to strengthen the institution,” Sengupta said.
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Indian Overseas Bank Launches Savings Account For Millennials
One of the family floater policies where the premium is charged according to the age of the bidder without a medical examination up to the age of 50.
According to one of the policies of the family floater, the fee is charged according to the age of the bidder. (Pradeep Gaur/Mint)
CHENNAI: Public sector Indian Overseas Bank on Friday announced its health insurance policy through an online platform linked to Universal Sompo General Insurance Company Ltd .
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The policy is offered in real-time to customers of Indian Overseas Bank branches through technology integration between the two institutions.
Developed by Universal General Insurance Sompo, the branded health policy is offered with sum assured ranging from ₹ 50,000 to ₹ 15 lakh, the press release said.
Family swimming insurance, where the premium is charged according to the age of the bidder without a medical examination up to the age of 50.
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Indian Overseas Bank Managing Director and CEO Karnam Sekar formally launched the policy in the presence of Universal Sompo General Insurance Chairman O N Singh.
“We are very happy to offer our clients tools that reduce the waiting time for bank clients to issue bonds,” said Sekar.
Commenting on the partnership with Indian Overseas Bank, Singh said Universal Sompo’s relationship spans more than ten years and with close coordination we are happy to offer products to IOB’s clients using tools that reduce bond issuance waiting time.
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“Many insurers have real-time integration with the bank’s core system. It will be a win-win situation for the bank and the insurance company,” Singh said.
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You have just subscribed to our newsletter. If you can’t find an email from us, please check your spam folder. Indian Overseas Bank (IOB) has launched a new savings account called IOB Trendy for the country’s millennial population.
Apart from this, it will also offer online application facility and free accident (death) cover of INR 500,000 if the average monthly balance is at least INR 100,000.
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IOB Trendy customers also receive personal check books, debit cards, access to online banking services and other value-added services.
There is no charge for non-maintenance in the first month. However, customers must maintain a minimum daily balance of INR 10,000 or a minimum daily balance of INR 5,000 and digital traffic of INR 20,000 per month.
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The Hindu BusinessLine quoted IOB as saying in a press statement, “Millennials are now relying on savings accounts to manage their finances.
“They want to do banking with minimal hassle and regularly rely on technology to help them do this. IOB Trendy is a Savings Bank account system that the bank introduced for this purpose.
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Last year, IOB received a capital infusion of Rs 43.6 billion ($607.57 million) from the union government to meet regulatory requirements.
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Through the alliance, SBI General will offer general insurance solutions and innovative products to IOB customers
SBI General Insurance on Friday said it has tied up with bancassurance partnership Indian Overseas Bank (IOB) to sell its non-life insurance products.
Through the alliance, SBI General will offer general insurance solutions and innovative products to IOB customers, SBI General said in a statement.
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“Our collaboration with IOB will further strengthen our reach and help us achieve another milestone in Bharat’s insurance mission.
“IOB’s extensive reach in the Tamil Nadu region will help us distribute our products to our customers in the region. With this relationship, we will offer researched, unique and customer-friendly products to IOB’s customers,” said P C Kandpal, MD and CEO. , SBI General Insurance said.
The partnership will increase penetration in the urban, tier II and tier III markets and also promote exposure to the private insurance line, he said.
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Partha Pratim Sengupta, MD & CEO, Indian Overseas Bank said, “We save on grooming to become a mutually beneficial relationship over the long term. This relationship will help us expand our range of insurance products for our consumers.”
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