CURRENT AFFAIRS

Detailed explanation-1: -AU Small Finance Bank, India’s leading small finance bank, and HDFC Life, one of India’s leading life insurers, today entered into a corporate agency arrangement for soliciting insurance plans of HDFC Life through the bancassurance business model.

Detailed explanation-2: -HDFC Life distributes its products through a multi-channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), a Direct channel, Insurance Brokers, MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc.

Detailed explanation-3: -SBI Life Insurance with the state-owned Indian Bank has tied up to enter into a. This will enable them to offer solutions to financial plannings that are holistic to the customers of the Indian Bank.

Detailed explanation-4: -The partnerships comprise 270 bancassurance partners including NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance Institutions), SFBs (Small Finance Banks), etc.

Detailed explanation-5: -SBI Life is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd.