IDFC FIRST Bank, LIC Cards and Mastercard today announced their collaboration to launch an exclusive co-branded credit card to meet the dynamic financial needs of India. Loaded with many exciting benefits such as no joining & annual fees and low interest rates starting from 9% p.a., the new card has been designed to bring value to consumers of varied age groups across the country.
Available in two variants – LIC Classic and LIC Select, the credit cards will provide more than 27 crores policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment. It will also come with other benefits, including up to Rs. 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs. 5 lakh. Cardholders will also be able to redeem reward points against any online purchase, including upcoming LIC insurance premiums, making it as good as cash!
“LIC is truly an iconic institution of our country. We are delighted to announce our partnership with LIC Cards to introduce this exciting co-branded credit card. Since the start of our bank, we have come out with Customer-First products including Zero Joining Fee and Zero Annual Fee with no minimum spend conditions, dynamic APR, low revolving credit for better credit customers, online redemption of rewards points, etc. Now, these additional benefits will be extended to LIC policy holders also who opt for this Credit Card, along with co-brand benefits. We are also delighted that MasterCard with its global presence is our partner in this card,” said Mr. V. Vaidyanathan, MD & CEO, IDFC FIRST Bank.
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Both the variants of the card will also be packed with travel benefits, such as complimentary access to lounges at airports and railway stations, and various protective covers such as personal accident insurance. Additionally, cardholders also get to avail a 1% fuel surcharge waiver along with roadside vehicle assistance worth Rs. 1,399.
“We are delighted to partner with the IDFC First Bank and Mastercard for the launch of LIC Classic and LIC Select credit cards. The partnership signifies our commitment to provide the best services to our valued customers. The new partnership will create synergy by collaborating Brand LIC which signifies ‘Trust’ and IDFC First Bank which represents new age “Customer Centricity”. I firmly believe that the co-branded credit card will bring rewarding experience to all our customers and will provide significant digital tool for making their life secure,” said Siddhartha Mohanty, Chairperson, LIC Cards.
The card will help to streamline online transactions and at same time offer best in class benefits as well as experience along with rewarding customers on their LIC Policy payments, ensuring that our customers can secure their future, while enjoying their lives today to the fullest. The other rewards and benefits offered under the program ensure it is a holistic offering that will truly hold the customer in good stead, every day.
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“Safety is the fundamental promise at the heart of every Mastercard transaction. In addition, this card is packed with exciting features such as insurance upto 5 lacs, accelerated reward points on paying LIC insurance premiums as well as benefits like airport and railway lounge access, low interest rates and flexible payment options. It is specially designed to provide those in tier two and three cities the confidence to transact digitally using credit cards. Mastercard is committed to forging collaborations to design and deliver world-class products and solutions across consumer segments,” said Gautam Aggarwal, Division President, South Asia, Mastercard.
About IDFC FIRST Bank
Introduction: IDFC FIRST Banks vision is to build a world-class bank in India thats guided by ethics, powered by technology, and a force for social good. IDFC FIRST is a new age bank that works in the best interest of its customers.
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Customer-First Philosophy: The Bank has a customer-first philosophy and offers high-quality products to our customers. In any product we launch, we bring something special to our customers. For instance, the Bank is the first and only bank in India that offers Zero fees for 28 essential services on Savings Accounts including for ATM cash withdrawals, IMPS, RTGS, NEFT, Cash Deposits at branches, Cash withdrawals at branches, SMS Alerts, Cheque book, Demand Drafts, Pay-order, duplicate statements, etc.
IDFC FIRST Bank is the first bank to offer monthly credit in savings accounts, so customers earn more with us. The bank’s credit cards have unique features such as lifetime free, never-expiring rewards points, zero interest on cash withdrawal at ATMs and low APR, so customer incur less fees on our Credit Cards
Ethics First: IDFC FIRST Bank prioritizes ethics in all its dealings and product design. The Bank believes that income earned unethically is not worth earning. The Bank applies a “Near and Dear” Test in all product design, so that the employees of the Bank serve only such products to customers that theyd want for their own loved ones.
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Transformation: IDFC FIRST Bank has transformed from infrastructure to retail banking in four years since merger, increasing CASA ratio from 8.7% to 46.4% (September 30, 2023). Total Customer Deposits have increased by 4X from Rs. 39,602 crores at the time of merger as of December 31, 2018, to Rs. 1,64,726 crores as of September 30, 2023. The Bank has set up 862 branches and 1,111 ATMs.
Financial Performance: The Bank recorded a PAT of Rs. 1,516 crore (~US$ 185 million) in H1-FY24, with strong Capital Adequacy of 18.06%, including Rs. 3000 crores of fresh equity capital raised in October 2023. The Bank has high asset quality, with Retail, Rural & SME book having Gross NPA of only 1.53% and Net NPA of 0.52% as of September 30, 2023. Overall Gross NPA including infrastructure is 2.11% and Net NPA is 0.68%.
ESG Goals: The Bank is highly committed to ESG. The Bank has high governance scores, the business lines naturally support social goals, and efforts are ongoing to achieve environmental goals.
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About LIC: Life Insurance Corporation of India (“Corporation”) is a statutory corporation established on 1st September 1956, under the Life Insurance Corporation Act, 1956 (‘Governing Act’). With a legacy spanning over Six decades, LIC has witnessed tremendous growth and emerged as a key player in the Indian Insurance Market, catering to the diverse needs of millions of policyholders, LIC continues to set new standards and offer innovative insurance solutions to promote financial security and well being.
The Corporation offers a range of individual and group insurance solutions including participating, non-participating and unit linked lines of businesses. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings, Investment, Annuity, Health, Variable and Capital Redemption and Annuity Certain (CRAC). The equity shares of the Corporation are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) (w.e.f. 17th May 2022).
Life Insurance Company Corporation is an internationally recognized financial conglomerate with its presence in fourteen countries. It has also ventured into other financial services through its Subsidiaries and Associates. LIC ranked 107th position in the Fortune Global 500 list as in August 2023.LIC continues to be the market leader in Indian life insurance business.
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LIC continues to set new standards and offer innovative insurance solutions to promote financial security and well being. LIC continue to remain focused on creating higher customer value through digital innovations.
About LIC Cards
LIC Cards Services Limited (LIC CSL) a wholly owned subsidiary of LIC of India was incorporated on 11th November 2008 with an aim to provide solution to all financial needs of its customers and enhance the value of digital solution by providing a variety of benefits to LIC policyholders. The driving force of LIC CSL is to place Brand LIC in the Wallet of all LIC customers in the form of LIC Co-branded Credit Card.
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LIC Cards Services Limited (LIC CSL), plays an important role in fulfilling not only the credit card needs of its customers but also provides excellent opportunity to its agents for satisfying credit needs of people of India.
As the country is rapidly moving to a digital economy and cashless transactions have become the new-normal, Company’s focus is making LIC Credit Card as a preferred mode of payment and card of first choice. Product innovation and personalization is need of the hour, which continues to be the core strategy of the Company.
About Mastercard (NYSE: MA)
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Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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Passionate news enthusiast with a flair for words. Our Editorial Team author brings you the latest updates, in-depth analysis, and engaging stories. Stay informed with their well-researched articles.
Mike Downey, acclaimed Film Producer, Author, Journalist, and an activist, known for his remarkable contributions to the world of cinema, unveils his passion for literature with the launch of his debut novel, “Istria Gold.” The book is set against the backdrop of Croatias Istrian peninsula, delves deep into the regions rich history, culture, and traditions, offering readers a captivating narrative that echoes the works of esteemed authors such as Martin Walker and his Bruno Courreges series. Published by Calm productions and MPress in UK and Ireland, Istria Gold in India is being distributed by AuthorsUpFront.
Book Cover of Istria Gold by Mike Downey
“Istria Gold” marks a significant milestone in Mike Downeys career as he transitions from the world of film to the realm of literature. Drawing upon his extensive knowledge and experiences, Downey weaves a compelling narrative that transports readers to the picturesque landscapes of Croatias Istrian peninsula, immersing them in a tale that intertwines history, culture, and mystery.
Commenting on his debut novel, film producer and author Mr.Mike Downey expressed his excitement, stating, “Istria Gold has been an immersive journey. Exploring its complexities has been a captivating endeavour, one that has inspired the creation of a narrative that I hope will capture the readers. Venturing into this new field has been nothing short of exhilarating; it has pushed me to expand my creative boundaries and explore untapped potentials. As we unveil Istria Gold to the Indian audiences, I am filled with anticipation, hoping that its pages resonate deeply with them. I cannot wait to see the reactions, and I am eager to witness the impact of this novel that has been both a personal and professional triumph.”
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“Istria Gold” stands as a testament to Mike Downeys unparalleled storytelling prowess and his unwavering commitment to showcasing the beauty and intricacies of diverse cultures. As audiences embark on this literary journey, they can expect a narrative that transports them across time and space, leaving a lasting imprint on their hearts and minds.
Mr. Downeys illustrious career spans across various domains, from his notable roles as Chairman at the European Film Academy and council member for BAFTA, to his collaborations with renowned figures like James Ellroy, Colm Tibn, and David Grossman. His commitment to the art of cinema earned him the prestigious OBE award in 2021, solidifying his influence and expertise in the global film industry.
“Istria Gold” will be available for purchase online through Amazon.
Mr. Mike Downey is a multifaceted talent, excelling not only as a writer of fiction and non-fiction, but also as a film producer, author, journalist, and activist, Istria Gold marks his debut as a novelist. Currently holding the esteemed position of Chairman at the European Film Academy and serving as a council member for BAFTA (British Academy of Film and Television Arts) Downey has been for over three decades been deeply entrenched in the heart of the film industry. Furthermore, in September 2020 Mr. Downey was announced as the Honorary President of the 2020/2021 jury for the revamped LUX Prize, renamed LUX – the European Audience Film Award by the European Parliament and the European Film Academy (also known as LUX European Audience Film Award).
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With an impressive portfolio, he has collaborated with renowned literary figures such as James Ellroy, Colm Tibn, and David Grossman. His dedication to World Cinema was recognized in Queen Elizabeth’s 2021 Birthday Honours List with the prestigious OBE award (Order of the British Empire) which he received from the future King Charles. Moreover, Mr. Downeys influence extends beyond accolades; he has lent his expertise to numerous boards, charities and NGO’s and assumed the role of artistic director for some of the worlds most esteemed film festivals and organizations.
Disclaimer: The PR articles featured on this website are sourced directly from NewsVoir feeds. We do not endorse the content, accuracy, or views expressed in these articles. Readers are advised to verify information independently and consider the source’s credibility before forming opinions or making decisions based on the content.
“In diversity, there is beauty and strength,” remarked Maya Angelou, encapsulating the profound nature of universities as hubs for global immersion and comprehension. In the realm of universities playing a pivotal role in fostering global engagement and mutual understanding, the recent visit to India by 16 HSDC students (Havant & South Downs College, UK) through the UK Elite Sports Group (UKESG), and hosted by Manav Rachna Institute of Research and Studies (MRIIRS) stands as a testament to international cooperation and exchange.
Rendezvous with legendary Kapil Dev
The UKESG visit emphasized Manav Rachna’s dedication to fostering a diverse and inclusive academic atmosphere, aligning with its commitment to advancing global citizenship. This interaction highlighted the transformative power of international exchange programs in molding individuals into empathetic and globally aware citizens.
During their 17-day sojourn from February 20 to March 7, 2024 at the Manav Rachna campus, 16 HSDC students and faculty members including Team Leader Julio alongwith Mr Aaron Butson – Assistant Principal HSDC, Ms Bobbie Crown – Educational Visit Coordinator HSDC, and Mr Lakhbir Singh – COO UKESG, participated in a meticulously curated activities designed to imbue with not only domain specific knowledge but also a profound appreciation for kaleidoscopic tapestry of the Indian culture to provide them with domain-specific knowledge and a deeper understanding of Indian culture. From intensive football, cricket and shooting training sessions to engaging cultural immersion activities like bonfires musical evenings, and visits to historical monuments, the itinerary was packed with enriching experiences.
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Upon their arrival in India on 20th February 2024, the delegates seamlessly transitioned into a series of activities, including culinary sessions, media workshops, shooting, creative workshops, bhangra sessions, and sports assessments at Manav Rachna Sports Science Centre. Moreover, the visit extended beyond the confines of Manav Rachnas campus, offering the delegates an opportunity to delve into the local milieu through visits to local markets, interactions with villagers, and much more. During their stay, the visiting students also forged lifelong bonds with Manav Rachna students.
An Insightful and Memorable Escapade
Delegates had the opportunity to visit iconic Indian landmarks such as the Taj Mahal and Akshardham, participate in design thinking session led by Adobe Expert and Sports Journalism workshops with India’s leading Sports Journalist, explore the local villages, trek in the Aravali range, and engage in yoga and meditation sessions. This intermingling of minds not only facilitated cross-cultural dialogue but also catalyzed the recognition of Manav Rachnas innovative educational practices on the global stage.
Dr. Amit Bhalla championed the vision of promoting international collaborations, while Dr. Hanu Bhardwaj, Director – Career Development, CRCDC, Ms. Ambika Vasudev, Head – Career Advancement, CRCDC and Mr. Agam Talwar – Administrator, Manav Rachna Sports Academy MREI, played pivotal roles in conceptualizing and executing the project.
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Through such endeavors Manav Rachna has reaffirmed its steadfast dedication to cultivating cosmopolitan individuals endowed with the erudition, capabilities, and empathy requisite for flourishing in an interlinked world. As Manav Rachna navigates towards a brighter tomorrow, it remains resolute in its mandate to nurture a dynamic educational environment that empowers individuals to catalyze positive transformations in an ever-evolving global panorama.
Disclaimer: The PR articles featured on this website are sourced directly from NewsVoir feeds. We do not endorse the content, accuracy, or views expressed in these articles. Readers are advised to verify information independently and consider the source’s credibility before forming opinions or making decisions based on the content.
TiDB, the leading and advanced open-source distributed SQL database developed by PingCAP, participated in the 3rd edition of FinTech Festival India (FFI) at Yashobhoomi (India International Convention & Expo Centre), New Delhi. As a leader in open-source technology and a modern distributed SQL database compatible with MySQL, TiDB fostered collaborative discussions and showcased its innovative solutions to demonstrate the power of open-source platforms in driving advancements in the FinTech space in India.
Bhanu Jamwal, APAC Head of Presales and Solution Engineering at PingCAP, wins the Fintech Festival India 2024 award for TiDB in Remarkable Banking Software Infrastructure
Aligned with Indias vision for technological advancement and financial inclusion, PingCAP’s participation at FFI underscored its commitment to helping FinTech companies focus on growing their business without worrying about complex data infrastructure management. With a focus on scalable, reliable, and agile data infrastructure, TiDB developers PingCAP, from 6 to 8 March, engaged with the Indian FinTech community and highlighted the need for the FinTech industry to embrace modern database solutions. With the development of technology, the core banking system has evolved – from a traditional centralized system to a distributed, service-oriented architecture (SOA). The FinTech industry needs a robust system to support their complicated transactions. With data complexity rising, the need of the hour is a distributed SQL database which is highly available, scalable, resilient, and secure. It also delved into TIDB’s ability to solve the pain points seen with traditional database systems as well as enabling more agile development and faster go-to-market processes with a simplified architecture for data management.
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TiDB emerged as a winner in the Remarkable Banking Software Infrastructure category at the FinTech Festival India (FFI) Awards 2024. This recognition is a testament to PingCAPs outstanding contributions and excellence in the development and implementation of highly scalable financial software infrastructure solutions.
Honourable Cabinet Minister for Education and Skill Development and Entrepreneurship, Shri Dharmendara Pradhan visited the PingCAP booth at the Festival and interacted with the PingCAP team
Speaking at the keynote session, Bhanu Jamwal, Head of Presales and Solution Engineering, APAC, PingCAP, the company behind TiDB, said, “Data explosion is a key factor impacting the FinTech sector today, demanding instantaneous scalability and reliability for uninterrupted customer services. TiDBs distributed SQL database is leading the charge by revolutionising how FinTech players can seamlessly manage their data while scaling their services and operations. It also enables them to maintain a high availability and deliver prime performance even under the most demanding workloads, making it an ideal solution for FinTechs fast-paced and data-driven world. Not to forget, maintaining consistency in financial data is of paramount importance for FinTech companies, ensuring they can provide customers with the most up-to-date snapshots of their financial status. TiDB offers that assurity on data consistently at all times.”
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As part of the event, Sreedharma Vijayan, India Director of PingCAP, participated in a panel discussion on “Collaborative ecosystem propelling digital lending revolution” alongside industry experts and reflected on the bright future for open-source innovation in shaping tomorrow’s FinTech landscape. “At PingCAP, we recognize the imperative for an agile and scalable infrastructure to support the burgeoning digital lending revolution. Our cloud-native architecture and Kubernetes compatibility empower FinTech institutions to seamlessly adapt to evolving market demands. By fostering a collaborative ecosystem, TiDB is at the forefront of propelling the digital lending revolution forward, ensuring accessibility, efficiency, and innovation for all stakeholders,” he added.
About PingCAP and TiDB
PingCAP was founded in 2015 by three software engineers from Global 5000 companies who wanted to build a new database system more scalable and reliable than MySQL.
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The company’s flagship product, TiDB, is the most advanced, open source, distributed SQL database for building modern applications that are relentlessly elastic, versatile, and reliable. PingCAP is backed by Sequoia Capital, GGV Capital, Access Technology Ventures, Coatue Management, and others to help realize its mission: empower developers everywhere to distribute their data with speed, agility, and scale.
Disclaimer: The PR articles featured on this website are sourced directly from NewsVoir feeds. We do not endorse the content, accuracy, or views expressed in these articles. Readers are advised to verify information independently and consider the source’s credibility before forming opinions or making decisions based on the content.
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