New Delhi, Dec 7 (PTI) RBL Bank on Monday said it has opened an additional branch at the diplomatic enclave area here.

The full-service additional branch focusing on the end-to-end banking needs of diplomatic missions and diplomats at Chanakyapuri, New Delhi, RBL Bank said in a release. The bank services over 75 embassies and 67 divisions (defence, cultural, trade, tourism etc) of over 128 countries. It caters to 1,392 diplomats through its offices in Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bengaluru, it said.

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The branch will also offer retail and institutional customers a comprehensive portfolio of banking services, including corporate loans, working capital, current and savings accounts, and credit cards, among others. Surinder Chawla, head (retail liabilities and wealth management) at RBL Bank, said, "Through this branch, we look forward to engage further and offer a robust platform to the diplomatic segment; and to our customers in the retail as well as institutional space."

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* Ujjivan Small Finance Bank introduces Money Mitrag for small businesses

* Ujjivan Small Finance Bank on Monday said it has introduced neighbourhood banking channel Money Mitrag with an aim to facilitate small businesses like kirana or medical stores to offer retail banking solutions to Ujjivan SFB customers.

In these outlets, Ujjivan SFB customers can make a deposit, withdraw money, pay EMI and perform fund transfer without having to travel long distances to branch, the bank said in a release.

This service has been introduced to bring the convenience of banking services at the nearest neighbourhood. Currently, Ujjivan Small Finance Bank has established over 100 Money Mitra outlets across the country and plans to scale up further. With this concept, the bank aims to expand its footprints across markets to offer a convenient banking solution to its customers.

Ujjivan Small Finance Bank MD & CEO Nitin Chugh, "This initiative will accelerate our overall drive to promote financial literacy and inclusion, as we encourage our customers to take up our banking solutions. We will soon scale up this concept and penetrate markets that at present has not experienced retail banking." PTI

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* SBI Life launches savings product

* SBI Life on Monday said it has launched savings product 'SBI Life- Smart Future Choices' that will suit their changing needs under the policy term.

The life insurance savings plan empowers consumers with the 'Power to Choose' various options and benefits as per their changing needs from time to time throughout the policy term, SBI Life said in a release. The plan provides a unique opportunity to choose benefit pay-outs in lump sum or flexibly. One can also avail regular cash bonus and pay-outs as per their evolving requirements.

Ravi Krishnamurthy, president (zone I) of SBI Life Insurance, said, "The new product offering is ideal for those who want to control the product they have purchased, through the features suited to their changing requirements as they progress in life."

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* ICICI Lombard General Insurance ties up with Plum

* ICICI Lombard General Insurance on Monday said it has tied up with Plum, an employee health insurance start-up, to re-imagine and co-create India's first technologically backed group health insurance products.

With the use of latest technologies, ICICI Lombard and Plum intend to solve four major areas of group health insurance — real-time pricing, onboarding, policy management and claims, it said in a release. The penetration of health insurance across India is low, with 0.29 per cent of GDP being spent on the health sector.

Alok Agarwal, executive director of ICICI Lombard General Insurance, said, "With the pandemic far from over, this initiative will not only help us safeguard our group insurance clients but will also ensure that each and every covered individual is prepared to restart the new normal, the right way."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)