Page 21 - Banking Finance March 2019

PRESS RELEASE

Agreement between United Bank of India and General Insurance

Companies

United Bank of India, a leading Public Sector Bank headquartered in Kolkata, has entered into a Tie Up under Corporate
Agency Arrangement with Bajaj Allianz General Insurance Co. Ltd. on 20.02.2019 to provide
General Insurance Solutions to the valued customers. The Agreement was executed by Sri
Vinod Babbar, General Manager-Bancassurance on behalf of United Bank of India and MS
Alpana Singh, President-Bancassurance on behalf of Bajaj Allianz General Insurance Co.Ltd.
in presence of other Senior Executives of the Bank and BAGIC.

The Bank has also Corporate Agency Arrangement with TATA AIG General Insurance Co.
Ltd. for soliciting of General Insurance Business under Open Architecture Model. This
arrangement will help Bank's customers to avail a wider assortment of General Insurance
Products at reasonable prices as per their requirements.

Kia Motors ties up with Axis Bank to offer Banking & Financing

solutions to its customers

Axis Bank, India’s third largest private sector bank has signed a Memorandum of Understanding (MoU) with Kia Motors.
As a part of this agreement, the Bank will now offer one-
stop banking and financing solutions such as inventory
funding, cash credit, auto loans, fast tags etc to the dealers
and customers of Kia Motors.
Speaking about the partnership, Mr. J.P. Singh, President
and Head, Small and Medium Enterprises, Axis Bank said,
“Axis Bank is proud to partner with Kia Motors on the
journey of growth and progress in the Indian automotive
segment. The Bank will offer gamut of services to the
dealers and customers of Kia Motors, by providing solutions
for their financing and payment needs, supported via our technology enabled platform. With this tie up, the Bank has
strengthened its commitment to bring in best-in-class offers and services for its wholesale and retail banking customers.’’
The bank will offer these services Pan India through its 3,964 branches located across the nation. Mr. Yong S Kim, Executive
Director & Chief Sales Officer, Kia Motors India said, “This partnership with Axis Bank is in line with our endeavors to
ensure an enjoyable and hassle-free ownership experience for our customers. We are sure that with partners like Axis
Bank we would be able to achieve the goal through a bouquet of attractive financing options that they specialise in.”

Patanjali distributors under anti-profiteering lens for not passing GST

Patanjali Ayurved distributors have come under the lens of National Anti-
profiteering Authority (NAA) for not passing on lower GST rate benefits to
customers. Over the past month, the NAA has issued notices to about 10
of Patanjali's biggest distributors for not reducing prices in line with the
cuts in Goods and Services Tax (GST), sources told. The notices seek details
of prices charged on products, particularly cosmetics.
In October 2018, the anti-profiteering authority had asked Baba Ramdev-
led Patanjali to pay Rs 150 crore penalty for not passing on the lowered
GST rates to its customers over the last one year.

BANKING FINANCE | MARCH | 2019 | 21