Page 26 - Banking Finance August 2021

PRESS RELEASE

The government should merge public insurance companies under one entity

instead of privatizing them’: K Govindan- General Secretary GIEAIA
All India Bank Employees’ Association invited Mr. K people of the country especially to the common man.
Govindan, General Secretary, General Insurance Employees Suggesting the alternative, Mr. K Govindan said, “the
All India Association, to address the attendees at the government should merge public insurance companies under
AIBEA’s ongoing National Seminar series on the theme one entity instead of privatizing them.”
People’s Money for People’s Welfare.
Pointing towards the wrongful approach of the
The speaker took the attendees through the entire journey
government, the speaker shared that the insurance sector
of the banking system in India and the significant events on is dealing with other challenges like working with the
the bank’s nationalization that have eventually resulted in
hospitals that do not follow standardized charges. Instead
ripe fruit for the nation. On the contrary, in the current of acting enablers for this public institution, the government
scenario public sector units including banks and insurance is just dismantling or privatizing them.
companies are being pushed towards privatization.
Sighting his recent meeting with the finance minister Nirmala
He narrated as to how before nationalisation of general Sitharaman, K Govindan said, “When we met finance minister
insurance companies in 1971, there had been a mushroom
Sitharaman last week we did ask when there are already 21
of private general insurance companies and due to their
private insurance companies then why add one more.”
mismanagement and failures, general insurance companies
The speaker shared that the finance minister assured to
were nationalized under four Public Sector General
Insurance Companies viz., National Insurance Company, protect all the benefits, however, there would be some
Oriental Insurance Company, United India Insurance benefits that might not be available post the anticipated
Company, and New India Assurance. Since the privatization of the sector like- job security, social security,
nationalisation of general insurance companies, the and reservation.
business of general insurance got improved manifold. At The speaker shared that while AIBEA is fighting to
the lowest rate of premium, the public sector insurance safeguard the public sector banking, GIEAIA too wants the
companies can provide general insurance coverage to the insurance sector to remain a public institution.

CUB Partners with Namaste Credit for Digital Transformation

City Union Bank, an old generation private bank with 100+ ”By partnering with Namaste Credit, CUB is bringing its
years of existence, has a pan India presence with 700+ customers best-in-class digital experience of onboarding &
branch network with total business of INR 81,000 CR+ loan approval with limited need to physically visit our 700+
($10.9 Billion), announces technology partnership with branches. Namaste Credit’s fully digital solution around on-
Namaste Credit (Opendoors Fintech Pvt. Ltd.), a leading boarding, underwriting & risk monitoring, gives us the
fintech that offers full API stack Banking-as-a-Service flexibility to onboard new customers swiftly & efficiently,
solutions to 70+ banks and other financial institutions.
service existing customers better.”, said Sankaran G, CIO,
The tech partnership will enable CUB to leapfrog it’s digital City Union Bank. Namaste Credit has been recognized as
presence pan India by leveraging Namaste Credit’s industry- one of the top 100 Fintechs by KPMG and has filed for 3
leading AI and automation platform, resulting in: technology patents since inception.
• Fully digitized on-boarding of retail and SME customers
with limited to zero branch footfall “Namaste Credit is partnering with City Union Bank, a
leading private sector bank, to offer cutting edge technology
• Paperless credit decisioning for both NTB & NTC
in the post pandemic digital world & better service their
customers covering risk and fraud controls retail and MSME customers pan India locations. We are
• Reducing loan application review & underwriting times excited to match the Bank’s vision with our innovative full
by over 90% stack API products to build new generation banking
• Significantly better user experience for customers in experience.” said Gaurav Anand, CEO & Co-Founder,
Metros & lower Tier cities Namaste Credit.

26 | 2021 | AUGUST | BANKING FINANCE