Page 5 - Banking Finance June 2025

BANK UPDATE

selling insurance," said a CEO of a pri-
vate life insurer.

SBI Card, Apollo HealthCo

Launch Co-Branded Well-
ness Credit Card
Ò»©­ SBI Card and Apollo HealthCo have

launched the Apollo SBI Card SELECT,
a co-branded premium credit card fo-
cused on health and wellness benefits.
The card provides up to 25% value
back-10% as reward points and up to
15% as health credits-on purchases
SBI Conducts Mega Staff Training Initiative to Build made via the Apollo 24|7 app and
Apollo Pharmacy outlets.
Future-Ready Workforce
These credits are redeemable for medi-
State Bank of India (SBI) has rolled out the largest-ever staff engagement
cines, diagnostics, and consultations.
and training programme in the Indian banking sector, reaching 1.75 lakh
Customers can apply digitally through
employees across its network. The initiative, titled 'Next LEAP', is aimed at
the Apollo 24|7 app, SBI Card website,
equipping staff with enhanced skills, fostering a sense of pride in the bank's
or at select Apollo stores.
legacy, and preparing them for future challenges.
Additional perks include a Rs. 1,500 e-
As part of this programme, SBI Chairman and top executives directly en-
gift voucher and a complimentary one-
gaged with employees, gathering insights on skill gaps, training efficacy, and
year FITPASS PRO membership for fit-
operational improvements. Additionally, a mass training module under the
ness access across India. "We aim to
banner 'SuPer SBI: Great to Greater' was launched to instil motivation,
empower our customers to stay com-
improve productivity, and ensure sustained performance across all levels of
mitted to their health and wellness
the workforce.
goals," said Salila Pande, MD & CEO of
The bank highlighted the importance of staying ahead in a competitive land- SBI Card. Apollo HealthCo's executive
scape through continuous learning and feedback-oriented transformation.
chairperson, Shobana Kamineni,
added, "This is the future of health-and
PSB-Led Bancassurance Meanwhile, private bank-led life insur- we are proud to build it with SBI Card."
ers reported stronger banca growth of
Growth Slows as Focus 15 per cent for FY25, although March ED Arrests Former UCO
Shifts to Core Banking growth moderated to 7 per cent from Bank CMD in Rs. 6,200
Public sector banks (PSBs) have scaled 8 per cent a year earlier. The slowdown
back insurance sales via the in PSB-led insurance sales is attributed Crore Loan Scam
bancassurance channel in FY25, leading to revisions in incentive schemes and The Enforcement Directorate (ED) has
to a noticeable decline in growth for life employee scorecards, affecting the arrested Subodh Goel, former chair-
insurers affiliated with them. Industry push for insurance products. man and managing director of UCO
estimates suggest that growth in the "There is a marginal drop in growth of Bank, for his alleged role in a Rs. 6,200
banca channel for PSB-backed life insur- PSB-led insurance companies due to (a) crore loan fraud involving Concast Steel
ers slipped to 6 per cent in FY25 from 7 slowdown in PSB banca business, ow- & Power Ltd (CSPL). The arrest fol-
per cent in FY24, with March witness- ing to changes in incentive schemes lowed investigations revealing Goel
ing a mere 2 per cent uptick. and scorecards for bank employees for sanctioned large credit facilities during

BANKING FINANCE | JUNE | 2025 | 5