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Bajaj Finserv kicks off the second phase of ‘Savdhaan Rahein. Safe Rahein’. a Public Awareness Campaign focusing on Life Insurance Frauds

Bajaj Finserv, one of the largest financial conglomerates in India, has kicked off the second phase of ‘Savdhaan Rahein. Safe Rahein’. a public awareness campaign focusing on Life Insurance Frauds to educate its consumers and public at large on how to stay safe from such frauds. The campaign will run across the company’s social media platforms.

 

Through this awareness initiative, Bajaj Finserv aims to convey a very important message to consumers opting for Life insurance policies to check policy documents carefully and verify the details from the insurers’ websites only. Sometimes, customers may get lured by low premium offers by fraudsters and may end up with invalid policy documents. This campaign highlights the details that policy holders need to check to verify the policy authenticity; differentiating between a genuine and fake policy and most importantly where the policy holders can report these incidents in the event of fraud.

 

The campaign has a catchy jingle ‘Na Ji Na Ji’ with an endearing character named ‘Gupta Ji’ who goes around spreading these awareness messages in his own unique style. The campaign highlights various key messages to help consumers stay cautious about sharing their confidential details like Mobile Number, OTP, Address proof, Insurance policy details and that they should never surrender their existing policy in the lure of extra bonus or other higher benefit offers.

 

Apart from driving awareness among its customers, Bajaj Allianz Life Insurance has also shared some safety tips for public/customers to stay protected, such as:

 

  • Never share your KYC documents like PAN card, driving license, passport, etc. to unknown persons. Bajaj Allianz Life never ask the customers to submit your original documents for any of our transactions
  • Do not sign a blank proposal form and inform the insurer if any Agent / Employee is asking to do so on toll free No. 1800-209-4040 or can write to customercare@bajajallianz.co.in
  • Avoid paying premium in Cash to Insurance Agents. In case you want to make the first premium in cash then ensure you pay the same by visiting nearest authorized Bajaj Allianz Life Branches and do not forget to collect original premium paid receipt with Bajaj Allianz Life Stamp on it
  • Do not share your personal or policy details and OTPs of transactions to any unknown sources / Callers
  • Do not disclose your account login ID and Passwords even to your Insurance Agent Never issue blank cheques for any financial transaction
  • Do not part with your policy details/other information to any caller
  • Do not get lured by callers offering extra bonuses and higher benefits against surrender of your existing policy

 

The campaign has been developed, taking into cognizance the actual fraudulent scenarios witnessed by the Fraud Control teams of Bajaj Finance Limited, Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz General Insurance Co. Limited and, with cases ranging from loan frauds, advanced loan fees, social engineering frauds, online frauds, SMS frauds, call centre frauds, policy on dead life, medical non-disclosure, falsifying documents etc. Being a key player in the financial services space, the safety and protection of the policyholders is critical for the brand and often it becomes important to educate and hand-hold the customers in recognizing these cyber risks, the modus operandi of fraudsters and some quick steps to follow in order to stay protected.

 

Links

YouTube-  https://www.youtube.com/watch?v=DcohlD3__u4

Facebook-  https://fb.watch/9szk4g9UDK/

Instagram- https://www.instagram.com/tv/CWnb_rHl7ZI/?utm_medium=copy_link

Twitter- https://twitter.com/bajaj_finserv/status/1463095426039435265?s=21

 

IIFL Home Finance Ltd disbursed loans over ₹ 2500crore, as on 30 September, 2021

IIFL Home Finance Ltd., a subsidiary of IIFL Finance Limited, reported  loan book growth of 19% percent to ₹15,320.99 crores in the second quarter of the fiscal as against ₹12,892.74 crore a year ago. Additionally, the company’s profit after tax grew by 70% year on year to ₹ 284.02 crores by the half year ending on 30th September 2021.

The company also reported a stable net NPA at 1.40 % with a provision coverage ratio of 125.52%.

IIFL HFL also signed agreements with banks such as Punjab National Bank (India’s second largest public sector bank), ICICI Bank (second-largest private sector bank in India) for sourcing and servicing of housing loans and loan against property, Co-lending with Central Bank of India (one of India’s largest commercial banks for LIG* and MIG** sector) for home loans and Standard Chartered Bank (one of the leading foreign banks in India) for extending credit to MSME loans (loan against property). IIFL HFL has disbursed loans totaling to Rs.170 crores till date under these arrangements.

IIFL HFL also announced the launch of its new Green Home Loan product, emphasising the Green affordable housing eco-system in India. With the new product, IIFL HFL offers its new Home Loan customer an interest discount of 0.25%, if the customer applies Home Loan for a home or flat at a project pre-certified by IGBC (Gold/Platinum rating) or GRIHA (4/5 star rating). This offer is applicable for all new Home Loan customers across the country, who meet all product-related pre-requisites and conditions as defined by the company.

Mr. Monu Ratra, ED and CEO of IIFL HFL says, “We believe that there is merit in the co-lending model because it allows us to get the best rates for our retail customers. With our strength of 100% digital onboarding and the rate benefit to the customer through this co-lending model, we aim to penetrate deeper into markets and geographies with our expertise. IIFL HFL has a strong and growing footprint in non-urban locations, and as the demand for housing picks up, we are not only strengthening our reach but also propagating sustainable green housing in India through our initiative eKutumb. With the launch of Green Home Loan, we want to encourage our customers and potential home buyers to opt for a more sustainable lifestyle, starting with investing in green-certified housing.”

 

IIFL HFL recently announced its association with the Asian Development Bank (ADB) and they are coming up with a series of their flagship Kutumb events, which is an initiative towards Green Buildings. IIFL HFL acknowledges and embraces the United Nations Sustainable Development Goals (UN SDGs) and has aligned its major efforts with 4 of the 17 UN SDGs, which are SDG 9, 10, 11, and 13. However, the company also contributes partially to other SDGs, and has introduced its first Sustainability Report this year, which is publicly available on the company’s website, www.iiflhomeloans.com.

Quantela Inc. Takes Management Control of Indian Business of TerraCIS Technologies Ltd.

 Outcomes Business Model leader, Quantela Inc., announces today that it has entered into an agreement for management control of the Indian business of TerraCIS Technologies Ltd., (TTL) a pioneer in land governance and smart city solutions. This agreement will further expand the economic, social, and environmental outcomes Quantela can offer through digitization and data-driven insights.

 

Supported by investment partners, Gateway Partners, and Avenue Capital Group, Quantela will assume immediate operational control of TerraCIS’ business in India, and full ownership through a restructuring process in due course.

 

The transaction further enables Quantela to improve outcomes for governments and cities by reducing the time and costs spent on the traditionally manual processes of land registration and records management by removing access barriers to data through digitization.

 

“This agreement for TTL in India creates an exciting addition to our existing offering suite as we can combine our smart city expertise to bid for significantly larger projects with greater community impact in India and beyond. At the same time, we can leverage Quantela’s global presence to extend our digital land registration and records management offering worldwide,” said Sridhar Gadhi, Quantela Founder and Executive Chairman.

 

“This is our second transaction in three months, and we’re privileged to have the support and trust from investment partners, Gateway and Avenue as we continue to grow our organization. Our immediate focus is to onboard the TerraCIS teams and integrate our tools and processes, whilst maintaining our commitments to existing customers and partners,” said Amr Salem, Chief Executive Officer, Quantela. “Quantela association will provide existing TerraCIS customers with the security of working with a larger company and the opportunity to take advantage of our additional offerings to achieve greater outcomes.”

 

Bajaj Finance raises Fixed Deposit interest rates, offers up to 7.05 Percent

Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, has increased fixed deposit (FD) rates by 0.30% for tenors between 24 and 60 months.

Investors can now get up to 7.05% interest rate on all deposits up to Rs. 5 crore made on and after December 1, 2021.  These interest rates are applicable for new deposits and on the renewal of maturing deposits.

Comparison of old and revised interest rates for cumulative FD for senior citizens:
 

Tenor (months)

Previous interest rates

New interest rates
(w.e.f. December 1, 2021)

12-23

5.90%

5.90%

24-35

6.35%

6.65%

36-60

6.75%

7.05%

 
As the table suggests, there’s an increase of 0.30% for FDs between 24 and 60 months. A senior citizen investing Rs. 2,00,000 for 60 months can earn returns up to Rs. 2,83,652 at maturity.

Comparison of old and revised interest rates for cumulative FD for citizens aged below 60 years:
 

Tenor (months)

Previous interest rates

New interest rates
(w.e.f. December 1, 2021)

12-23

5.65%

5.65%

24-35

6.10%

6.40%

36-60

6.50%

6.80%

 
For the same tenor and deposit amount, citizens below 60 years get up to Rs. 2,80,188 on their deposit regardless of their investment mode.

Here’s a detailed look at the revised FD interest rates offered by Bajaj Finance Limited.

Rate benefits (w.e.f. December 1, 2021) for senior citizens:
 

Tenor in months

Minimum deposit (in Rs.)

Cumulative

Non-cumulative

Monthly

Quarterly

Half-yearly

Annual

12 – 23

25,000

5.90

5.75

12 – 23

25,000

5.90

24 – 35

6.65

6.46

24 – 35

6.30

6.65

36 – 60

7.05

6.83

36 – 60

6.69

7.05

 
Rate benefits (w.e.f. December 1, 2021) for citizens aged below 60 years:
 

Tenor in months

Minimum deposit (in Rs.)

Cumulative

Non-cumulative

Monthly

Quarterly

Half-yearly

Annual

12 – 23

25,000

5.65

5.51

5.53

5.57

5.65

24 – 35

6.40

6.22

6.25

6.30

6.40

36 – 60

6.80

6.60

6.63

6.69

6.80

 
Invest online with Bajaj Finance Fixed Deposit

With Bajaj Finance, individuals can choose to start their investment journey anywhere at any time, with an end-to-end paperless online process that enables investors to invest from the comfort of their homes. With this online FD process, it takes a few minutes to book an FD, and investors can reap the benefit of these lucrative FD interest rates easily.

LendenX-India’s Lowest Fee Exchange is Launched

LendenX launched its cryptocurrency exchange today.

LendenX is a platform for crypto-enabled financial services that are simple, secure and trustworthy. We enable Indians to access these services through our web platform or on their mobile devices.

“Our main goal is to actualize our mission by delivering our best to make a meaningful difference in investors lives.” – Nitin Pal, CEO LendenX

LendenX is on a mission to provide every user with a platform to invest in any cryptocurrency without worrying about losing money on hefty fees or hidden trading costs. We offer:

Advanced security and storage system

Our digital wallet allows users to store their currency safely. We create our products keeping in mind the needs of Indian customers so that they receive the best possible value for their money.

A Complete Package

LendenX has created an easy-to-use platform that makes trading and investing in cryptocurrency simple. We offer competitive fees, fast and secure transactions, and 24/7 customer service.

Made with keeping Indian’s welfare in mind

Our goal is to empower India and help the citizens of India to take part in the next era of the financial revolution taking place globally.

About LendenX

LendenX is made by Indians with keeping the interest of the Indian audience in mind. We aim to prevent our country’s investors from the worries of losing money on thefts and hidden trading fees.

LendenX offers the lowest transaction fees in India. We want the young and experienced investors to trade cryptocurrency without any hassles.

When it comes to providing crypto-enabled financial services, LendenX leaves no stone unturned to serve its customers. Designed with keeping Indians at the forefront, LendenX gives the highest value to your assets, investments, and financial knowledge.

We look forward to your love and support and making the crypto sphere a better place for all the traders!

Press Contact:

Vikram Chauhan

Head of Indian Operations

info@lendenx.com

+91 8826825185

 

Fintech leaders from Tide India, Signzy, Spice Money, PayNearby, and Decimal speak on Niti Aayog floating an idea on digital banking

Arvind Nahata, Co-founder, Decimal Technologies said

“India is becoming a digital-first country where the power of technology is constantly being leveraged to foster financial inclusion. The Niti Aayog’s discussion paper proposing setting up of full-stack digital banks is another major step towards delivering banking services to the farthest corners of the country. As is recognised by the paper, MSMEs are growth and employment generators that remain under-represented in the formal financial system, having to rely on informal, and often exploitative, sources of credit. Given the proposed full-stack digital banks will not rely on physical branches, they will be able to address the credit gap without facing any of the cost or infrastructural issues that is common with traditional banks. The proposal has the potential to disrupt the still largely traditional banking system and bring in innovations that serve the specific needs of MSMEs and SMEs.

We are looking forward to seeing how these full-stack digital banks are operationalised and regulated as this step will only further emphasise the position of India as a global fintech leader.”

 

Dilip Modi, Founder, Spice Money said

“It’s great to see that Niti Aayog has proposed the idea of setting up full-stack ‘digital banks’. Digital operations have gained massive traction over the last few years owing to the increased internet and smartphone penetration in India. The outbreak of the pandemic acted as a catalyst for further digitalisation with several daily activities moving online – be it business operations, jobs, education or banking. There is a dearth of robust banking infrastructure in the rural areas where a major portion of our country resides. The establishment of digital banks will help in bringing this large part of the India’s underserved population to the formal banking sector. This will further help in driving financial inclusion for Bharat that will lead to the growth of our overall economy.

India is at the forefront of digital revolution with increased efforts from our government and FinTech firms who are providing customised solutions to create a better customer experience. This is also in line with the PM Jan Dhan Yojana 3.0 that will focus mainly on doorstep banking & digital financial products. As per the scheme, the government aims to ensure availability of banking services to everyone within 5 kms from any residential area. Digital Banks will help to achieve this target and FinTechs can leverage their already existing banking correspondents network to provide banking services to the last mile.”

 

Gurjodhpal Singh, CEO, Tide India said

“We welcome this proposal by Niti Aayog as the need of the hour. It’s not geographical presence, but an agile technical stack and robust security technology that will help redefine banking for the underserved segment, and this idea if brought into action will enable us (fintechs) to take financial services to a larger set of population in a secure and compliant manner. India indeed has a huge scope, potential and appetite for open banking, developing open API platforms will help banking services and benefits reach a larger section of people.”

 

Ankit Ratan, Co-founder & CEO, Signzy said

“India’s think tank, Niti Aayog mooting a proposal on licensing and regulatory framework for full-stack digital banks is a much-needed idea that will help set in place a regime for value-added services and boost account aggregators (AA) to create an efficient system for digital transactions. While on the one hand Account Aggregators will enable free flow of data between financial information providers(FIPs) and banks, on the other they will offer ease of access during loan applications, which will encourage entrepreneurs and businesses to execute their ideas faster. However, as Government, banks, and fintech come together to boost the Digital Bank model, fraud detection, electronic know your customer (e-KYC) that enable fully digital onboarding and analysis of customer’s identity, and anti-money-laundering checks will emerge as a business imperative. At the same time, we will also see no-code applications and APIs that eliminate the need for coding software and allow banks to get to the market sooner will dominate the development of new products as well the entire Digital Banking ecosystem. Amidst this emerging technologies, such as blockchain will also play a critical role with advances, such as reduced counterparty risk, real-time settlement, and improved automation.”

 

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said

“Niti Aayog’s move to set up full-stack ‘Digital Banks’ is directionally a great enabler. Allowing Digital Bank as a new category will help set up a fresh thought process that is end-to-end digital, and where operational efficiencies will help deliver better value to the consumers. Beyond digital-savvy youth, this initiative can help tech-shy Bharat leapfrog to the next level of connectivity and commerce. Leveraging technology, this low-cost, efficient model will help accomplish a lot more in consonance with the existing banking infrastructure.”