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Budget News

  • IDBI Bank ties up with LIC arm for credit card
  • March 01,2021  16:04

  • IDBI Bank will soon launch a co-branded card with LIC - its largest shareholder. The bank will be partnering LIC Cards Services, which is a 100% subsidiary of the state-owned life insurance giant.

    The move to launch a co-branded credit card is part of the strategy to work on synergies between the two organisations after LIC acquired a majority stake in the bank in January 2019.

    “We have tied up with LIC Cards and will be launching co-branded credit cards soon. The card will be issued by IDBI and marketed by LIC Cards and sold to LIC customers and LIC agents. This will be a product with distinct privileges for cardholders,” said Jorty Chacko, executive director, IDBI Bank, who is in charge of retail assets. He also leads the team working on developing synergies between IDBI Bank and LIC.

    “After the stake acquisition, we identified more than 100 synergies and started working on that. Two years down the line, we have crossed 90% of the synergy lines. Both organisations have derived considerable benefits,” said Chacko.

    According to Chacko, IDBI Bank has already collected Rs 700 crore premium for LIC, which is a major share in the corporation's bancassurance business. The bank in turn gets a significant amount of current and savings account business from LIC through its agents and employees. “We have got a good share of current and savings account business from LIC. We also developed a system wherein LIC policyholders can remit their premium from IDBI Bank branches. We are looking at providing ATMs in their premises,” he said.

    LIC has come out with an end-to-end digital platform 'Ananda (Atma Nirbhar Agents New business Digital Application)' which enables end-to-end digital issuance of policies. We are now looking at integrating that with our platform.

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