Dhanlaxmi Bank signs MOU with LIC for e-payments
Mumbai, December 06, 2011: Dhanlaxmi Bank, one of
India’s fastest growing mid-size private sector banks, has signed a Memorandum of Understanding with Life Insurance Corporation of facilitating policyholders to receive policy payments through electronic funds transfer. India
As per the agreement, the bank will provide electronic payment services to the corporation using National Electronic Funds Transfer (NEFT) mode to credit funds to the policyholders’ bank accounts.
This move is not only going to directly benefit cust
omers of Dhanlaxmi Bank who hold LIC policies but also aid LIC policyholders having accounts with other banks. The bank will use the NEFT facility to transfer funds to policyholders’ account across other banks.
At the MoU signing ceremony, Mr. Sidhartha Routray, Head, Cash Management Service Sales Group, Dhanlaxmi Bank said: “LIC’s decision to tie-up with Dhanlaxmi Bank highlights the bank’s advancement in terms of technology, transaction processing systems and its superior delivery mechanisms. With this tie-up, LIC policyholders can expect immediate disbursal of payments in a convenient and secure environment.”
Instead of the cust
omary process of LIC sending the cheques through postal services and cust omers depositing in their bank accounts, e-payment will now happen within 24 hours.
About Dhanlaxmi Bank:
Dhanlaxmi Bank is an 84-year old bank, being incorporated in 1927 at Thrissur, Kerala. In the last three years,
it has transformed into a well diversified bank w ith a pan-India presence fr om being an SME focused South based bank. W India ith a network of 275 branches and 404 ATMs covering 140 centers across 14 states, the bank services a broad cust omer base of over 2 million. The bank provides a su ite of banking products and services to its cust omers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Small and Medium Enterprises Group.
During the last three years, Dhanlaxmi Bank’s total depos
its increased fr om Rs.3,936 crore as on September 30, 2008 to Rs. 13,815 crore as on September 30, 2011, advances rose fr om Rs. 2,490 crore as on September 30, 2008 to Rs. 10,130 crore as on September 30, 2011. The bank’s total business stood at Rs. 23,945 crore, as on September 30, 2011 w ith total asset base at Rs. 16,452 crore.
The shares of the bank are listed on the B
ombay Stock Exchange Lim ited, the National Stock Exchange of India Lim ited and the Cochin Stock Exchange.