Mumbai, Jan 21 (PTI) Second largest private sector lender ICICI Bank on Thursday said it has executed its maiden secured overnight funding rate (SOFR) transaction, which illustrates progress on the LIBOR transition front.

The first interbank-money market transaction linked with SOFR was executed through the Hong Kong branch on Wednesday and is a part of the Benchmark Transition Management plan to assess the preparedness towards a smooth transition to the new alternative reference rates (ARRs), an official statement said.

SOFR has been identified as the replacement for USD LIBOR (London Interbank Offered Rate), which is retiring by end of the year, it added.

****

SBM Bank India partners fintech firm Grayquest

*SBM Bank India - the local unit of State Bank of Mauritius - on Thursday announced a partnership with local fintech company Grayquest to help boost access to education in the country.

The bank will facilitate access to funds for Grayquest's clients and also seek to address their other banking requirements, as per an official statement.

****

AIBOC to organise Triennial General Council in Kolkata from Jan 23

*All India Bank Officers' Confederation (AIBOC), the apex trade union organisation of officers working in the banking industry, is organising its 12th Triennial General Council in Kolkata from January 23-25.

Indian Banks Association (IBA) chairman and Union Bank of India's managing director and CEO Rajkiran Rai G will be the chief guest of the event, AIBOC said in a release.

AIBOC has more than 3.20 lakh members.

****

Reliance General Insurance launches hospitalisation cash benefit policy

*Reliance General Insurance has launched a hospitalisation cash benefit product that provides lump sum payout for over 150 listed surgeries and more than 140-day care procedures occurring due to an illness or an accident.

The 'Hospi Care' policy provides surgical procedure cash, hospital daily cash, daycare treatment cash, other surgeries cash and covers hospitalisations due to dengue/malaria/chikungunya, a release said.

It enables policyholders to claim up to 100 per cent of the sum insured in lump-sum depending on the surgical procedure, allowing them access to quality and timely healthcare, the company said.

(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)