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In this article, we would discuss about the new products, services and schemes introduced by public sector banks and their recent tie-ups with other institutions and entities.
1. Allahabad Bank:
a) Mudra card: Launched in July, Mudra card is a specialised card for loans under the Pradhan Mantri Mudra Yojana (PMMY). It will be issued for utilisation of working capital limits. It will also be beneficial to non-farm enterprises for income-generating activities in the manufacturing and service sectors. The loan limit has been fixed at a maximum of up to Rs.10 lakhs.
2. Bank of India:
a) BoI ties up with MasterCard: In May the bank launched three new cards, namely BoI Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard besides introducing two new banking solution- In Control for spend management and MasterCard rewards program.
3. Bank of Maharashtra:
a. MahaMobile: Launched in February, the mobile app enables customers to view all their deposit and loan accounts, transfer funds, pay bills and place a variety of service requests. The launch is part of a series of customer initiatives by the bank -- Project Utkarsha.
b. Bank of Maharashtra ties up with MUDRA Bank: The two banks joined forces to finance small entrepreneurs and businesses as the government aims to provide credit up to Rs. 1 lakh crore under MUDRA scheme.
4. Corporation Bank:
a. Mudra Card: Corporation Bank launched the first Mudra Card under PMMY early in July based on the RuPay platform.
5. Dena Bank:
a. Dena ties up with LIC, United India Insurance: The tie up was effected to provide insurance cover to all Aadhar-linked savings account holders aged between 18-50 years. After enrollment, existing members will get coverage up to 55 years. Dena Bank also tied up with the United India Insurance under the Prime Minister's Pradhan Mantri Suraksha Bima Yojana (PMSBY) to provide accidental insurance cover. This will be available to all savings account holders aged between 18-70 years.
6. IDBI Bank
a. JusTab: The bank launched its Tab Banking solution - JusTab - on August 17, thereby enabling customers open bank accounts at their doorstep using a tablet.
7. State Bank of India:
a. Buddy: The SBI's mobile wallet app was launched on August 18 in collaboration with Accenture and MasterCard. Both customers and non-customers can use the service to send money, book movie tickets, flights, hotels as well as settle shopping bills. It also has features like reminders to settle dues, recharge and pay bills instantly. It is available on Google Play Store and soon will be launched on Apple App Store.
b. sbiINTOUCH: In May, the SBI launched sbiINTOUCH Contactless Debit Card and SBI Signature Contactless Credit Card for quick, safe and hassle-free payments at retail outlets.
c. The SBI tied up with digital payment company, PayPal, in May to facilitate cross-border trade and payments. This will be SBI's first such tie up for remittances and payments.
d. The SBI tied up with e-commerce giant Amazon in May to enrich customers' payment experience as well as open up the windows of e-commerce to small and medium enterprise (SME) customers. The bank will also provide credit to SME customers who supply products to Amazon to help them widen their operation base.
8. Union Bank of India
a. IMPS and M-passbook: As part of its initiatives to encourage digital banking and increase convenience for its customers, Union Bank launched immediate payment service (IMPS) at branches and mobile passbook. Customers can transfer funds up to Rs.2 lakh per day. The bank also launched an SMS facility that will help customers to avail value-added services like blocking debit card, balance enquiry and enable/disable user id of internet banking, among others.