RBI asks UCBs to implement system-based asset classification

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Mumbai, Aug 12 | The Reserve Bank has asked urban co-operative banks to implement system-based asset classification.

The move is expected to improve the efficiency, transparency and integrity of the current asset classification system in UCBs.

Accordingly, system-based asset classification is a better process to reflect a bank’s actual financial health in its balance sheet.

The RBI on Wednesday said that UCBs having total assets of Rs 2,000 crore or above as on March 31, 2020 shall implement system-based asset classification with effect from June 30, 2021.

“UCBs having total assets of Rs 1,000 crore or above but less than Rs 2,000 crore as on March 31, 2020 and having self-assessed themselves as being under ‘Level III or Level IV’ … on Comprehensive Cyber Security Framework for UCBs shall implement system-based asset classification with effect from September 30, 2021.”

As per RBI, for smooth implementation of the system: “All concerned UCBs may conduct pilot or parallel run and evaluate the results for accuracy or integrity of the asset classification in compliance with the applicable RBI instructions so as to ensure that they are ready for implementation of the system-based asset classification from the appointed date.”

“UCBs not meeting the above criteria are also encouraged to voluntarily implement the system-based asset classification in their own interest,” RBI said.

Source: IANS

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Policybazaar Unveils its new brand campaign "AapKiSideHai"

Policybazaar Unveils its new brand campaign

Akshay Kumar delivers the brand’s promise of always being on the customer’s side

Gurugram, 19th Sept, 2020: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India.

Policybazaar’sAapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal from a customer perspective. Policybazaar is now extending the brand promise beyond the purchase experience to ensure that consumers get the highest levels of service throughout the policy lifecycle.

The new brand campaign reinforces Policybazaar core value of putting the customer first by delivering on its promise of providing a trusted platform for all types of insurance products. The brand is committed to guiding the customer throughout the insurance journey, starting from recommending the right products at affordable pricing, ensuring thatthe policy issuance process is smooth and fast, and, to providing services and claims assistance when needed.

“While we continue to highlight the importance of Health & Term life Insurance through our marketing campaigns, with the brand promise of Policybazaar AapKiSideHai, we also intend to position Policybazaar as a customer centric brand, that is committed to stand by its customers, both pre and post purchase”, said Samir Sethi, Head of Brand Marketing, Policybazaar.com. The new ad series highlights Policybazaar’s unparalleled support to customers, while providing them with the ease of comparing and buying term and health plans online with guidance at each & every step.

Speaking about the TVC launch, Sharat Dhall, Chief Operating Officer, Policybazaar.com said, “Our ultimate aim is to provide 360-degree assistance to customers that starts from when the policy is bought, to provide assistance when the claim is paid out, should such a situation arise. Winning and maintaining customer trust is a strong ethos within the company and this campaign reflects that. At a time when the world is grappling with a crisis like no other, the brand intends to instill confidence in the customers’ buying decisions by assuring them protection of their futures with the right insurance products & thorough assistance throughout the journey.”

The new brand campaign in its series displays moments of indecision that people may have while investing in protection products. It addresses these queries &emphasizes the importance of nurturing a bond with the consumers thereby creating customer delight.

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