Shri R. M. Malla, Chairman & Managing Director, IDBI Bank Limited, presented a cheque for Rs.135.22 crore to the Hon'ble Union Finance Minister Shri P. Chidambaram on October 25, 2012 towards the Final Dividend payable @ Rs.1.50 per equity share for the financial year 2011-12 on the Equity Share Capital of the Bank held by the Government of India (GoI).
The Bank had an aggregate balance sheet size of Rs. 2,71,899 crore and total business of Rs 3,59,527 crore as on June 30, 2012. IDBI Bank's operations during the quarter ended June 30, 2012 resulted in a net profit of Rs.427 Crore. The Bank's operations during the last full financial year (2011-12) had yielded a net profit of Rs. 2032 crore. IDBI Bank is the youngest new generation public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 998 branches and 1590 ATMs.
Reliance Life Insurance launches Life Plaza
Reliance Life Insurance Company (RLIC), part of Reliance Capital Limited launched a new distribution channel - Life Plaza. RLIC is the first company in India to set up a structured need-based in-branch sales platform in the form of a 'Life Plaza', which aims at creating awareness about life insurance and fulfilling the needs of prospective customers through financial planning and its array of products and services.
Talking about this new initiative, Mr. Malay Ghosh, President and Executive Director, Reliance Life Insurance, says, " The main objective of our new distribution format is to generate greater awareness about life insurance in and around different locations where these Life Plazas will operate and create a pull for life insurance products. Need fulfillment of customers at the venue through our products and services is the ultimate goal of Life Plaza. "
Inspired by best practices of Nippon Life, Reliance Life Plaza would promote need-based sales, fill service gaps and also offer financial and value-added services such as tax and financial planning, Aadhar card registration, pan card generation, health check-ups and nutrition counseling.
All Life Plazas will be managed by RLIC employees, who will handle customers' queries and process the documentation instantly at the venue, with a view to tapping new customers and also providing service to existing RLIC policyholders.
Apart from addressing walk-in customers, the company will also proactively invite customers to the Life Plazas for presentations on the benefits of investment in various financial products, importance of insurance as life protection tool and RLIC's wide-range of products and services.
The company targets to hire about 1,000 people under this new distribution format within this fiscal and would focus on Tier II, Tier III and Tier IV cities for recruitment and setting up of Life Plazas.
Western Union ICICI BANK Prepaid Card Launched in India
Western Union (NYSE: WU), a leader in global payment services, ICICI Bank and MasterCard, have joined hands to launch the Western Union ICICI Bank Prepaid Card in India. It offers millions of under banked Indians who carry cash 24/7; a much-safer way to store and access their money any time along with new spending options locally.
Western Union's vision to promote financial inclusion in India along with ICICI Bank and MasterCard will see Indians introduced to a Prepaid Card that gives similar benefits offered by mainstream banked cards without the restrictions of maintaining an average daily balance limit or being denied for credit worthiness.
The Western Union ICICI Bank Prepaid Card, elevates Indians into the financial mainstream in a nation where usage of bank accounts by those aged 15+ are 35.2 per cent; 8.3 per cent receive a wage into a bank account; 1.9 per cent receive remittances into an account and 4.1 percent use an account for business.
Indians can load monies derived from income, government payments, gifts and other earnings including remittances after it has been cashed out. In addition for the first time, Indians can also soon load money onto the cards of known family members and loved ones or transfer from card-to-card across the nation, financially including millions in a country experiencing an explosion in rural to urban migration.
"For over 19 years in India, Western Union has been proud to lead the way in enhancing the lives of hard-working overseas Indians and their loved ones at home by moving their hard-earned monies through our Agent network," said Kiran Shetty, Managing Director Vice President, Western Union India.
"In forging the unique collaboration between ICICI Bank and MasterCard and introducing an innovative solution for the under banked, Western Union has turned competition into collaboration, while deepening our relation with our existing consumers and growing our consumer base.
"ICICI Bank is pleased to be associated with Western Union and MasterCard to launch "The Western Union ICICI Bank Prepaid Card". This card will provide choice, convenience and safety of a card solution to a large customer base, which is under banked and traditionally deals in cash. This is in line with the bank's strategy to extend electronic payment solutions across customer segments and provide a seamless transaction experience to its customers", said Mr. Kusal Roy, Head - Cards, Personal Loans and ATMs, ICICI Bank Limited