Page 5 - Banking Finance October 2015

P. 5

BANK UPDATE

BANKING

NEWS

RuPay enabled IRCTC Health cover for bank employees
Prepaid Card
All State-run general insurers are likely employees, officers and retirees of
RuPay enabled IRCTC Prepaid Card to issue a master mediclaim policy for member banks will cover the
will now offer bank employees through In-
online shopping dian Banks Association domissory treatment, mi-
opportunities (IBA). As per the new wage nor and major surgeries,"
and attractive agreement reached be- an IBA official reported.
tween bank unions and the Chennai-based United India
reward points to its customers. This IBA on May 25,2015 em- Insurance is the lead in-
service will be in addition to regular ployees of all the 43 members banks surer for the scheme. "The
travel ticket booking and hotel ac- are to be provided with a health insur- premium to be paid by banks will be
commodation bookings. ance cover by their respective banks. around Rs.6,000 per annum in case of
officers and Rs.5,000 in case of employ-
BOB slashes bulk deposit "The master policy to be issued for ees," he added.
rates
Nabard rolls out initiative for SHGs digitization
Bank of Baroda has reduced deposit
rates by 25 basis points for bulk de- Nabard has launched a project - mapped. Banks are being given view-
posits of Rs.10 crs across all maturi- "Eshakti" - for digitisation of all SHGs ing rights of the activities of each of
ties of six months and over. (Self Help Groups) in the country. The the groups. This will help banks to view
bank has, in the pilot phase, taken up the group activities and sanction loans
Federal Bank unveils two districts - Dhule in Maharashtra from the comfort of the branch itself,"
Fedbook and Ramgarh in Jharkhand for he said.
digitisation of SHG data.
Federal bank had introduced Nabard is also planning to escalate the
FedBook, a se- R. Amalorpavanathan, Deputy Manag- pilot phase to cover 10 districts before
cure mobile ing Director, Nabard, the close of this fiscal. Eshakti has been
app being reported that the mooted in sync with Prime Minister's
jointly launched project, which was Digital India Initiative to tackle such
by Kochouseph initiated in April, 2015 issues, he added.
Chittilappily, Chairman, V-Guard In- is nearing completion.
dustries and Shyam Srinivasan, MD & Nabard has given a tablet PC for the
CEO Federal Bank at V-Guard Corpo- "We will have collated the data of volunteer group. It is loaded with
rate Office, Kochi. around 6,000 groups in these two dis- cloud-based apps, delivered front-end
tricts alone. The database has been in regional languages. Nabard has es-
created, individual data linking their timated the investment for extension
Aadhar and mobile number have been of this exercise at Rs. 1,200 crore.

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