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In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

“I started <keyword id="20024281" type="General" weightage="20" keywordseo="investing" source="keywords">investing</keyword> when I was 24, and had just taken up my first job. At first, it felt like a herculean task, setting aside Rs 15,000 every month for long-term investing. But now, at 29, I have a comfortable corpus with me, and I am able to even fund my sister’s education. I now realise how investing is the first step towards achieving some level of financial independence”. That was Yumna, a 29-year-old Delhi-based communication professional’s “tryst with her finances”. Tomorrow, India will celebrate its “tryst with destiny”, its 78th day of independence from Britishers. And so, it is certainly the right time to revisit our personal journeys towards independence, at least financially. If we heavily rely on our monthly salaries, being broke towards the end of the month, and desperately waiting for that end-of-the-month fund credit “ting”, then are we really independent? So, this Independence Day, consider gifting yourself (and your friends and loved ones) these five presents that promise you financial freedom. <h2>Start SIP-ing in Mutual Funds, stocks</h2>The British ruled India for almost 200 years, starting from the battle of Plassey in 1757, to when India finally ousted the British Raj in 1947. Nearly 200 years of tireless persistence, struggle and revolution was what it took to achieve freedom. Keep that in mind when you feel constantly investing for 10-15 years is “way too long!”. Consider this. Yumna started investing Rs 15,000 every month, five years ago. Assuming 12% p.a. in return, she has already amassed over Rs 12,00,000, out of which her investments are worth Rs 9,00,000, while her returns come to Rs 3,37,295. What if Yumna continues to invest at this pace for the next 20 years? If she invests Rs 15,000 (and assuming 12% p.a. return), she’d have invested Rs 36,00,000, while her returns would be a whopping Rs 1,13,87,219, making her total corpus worth Rs 1,49,87,219. The best time to start investing in the market was yesterday. So, if you’re yet to start investing, do so right away. But remember, it’s a marathon, and not a sprint, so remember to stay in and invested for the long run. <keyword id="20481917" type="General" weightage="20" keywordseo="index-funds" source="keywords">Index funds</keyword>, which basically mirror popular market indices like Nifty and Sensex are a good place to start. <h2>Insure yourself</h2>Getting a term and <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> should be at the top of your to-do list, immediately after you start earning. And no, don't rely just on your employer-provided <keyword id="19996817" type="General" weightage="20" keywordseo="insurance" source="keywords">insurance</keyword>. Plus, having term insurance can also help you save on taxes (an annual premium paid of up to Rs 25,000 for those aged less than 60 is tax-free under old tax regime), apart from saving you during medical emergencies. Says Sabyasachi Sarkar, Appointed Actuary, Go Digit Life Insurance, “a life insurance plan is a tool that provides a safety net for your family in case of unexpected events and for your need of savings or pension. Ideally one should take a term life cover that is at least 10-15 times your annual income. Moreover, adding riders like death benefits or disability coverage to your policy can offer protection and advantages beyond the basic coverage. Moreover, when picking a life insurance company, consider factors like the claim settlement ratio, returns etc”. Once you’ve insured your life, it's time to safeguard your health as well, with a solid health insurance policy. As Vivek Chaturvedi, CMO and Head of Direct Sales at Go Digit General Insurance notes, “Ensure the plan that you are picking does not come with any cap on the choice of room or ICU as this may impact your overall hospitalization bill. Second, make sure your policy provides a sum insured backup or reinstatement benefit.” Also, check for the pre- and post-hospitalization benefits in your health coverage. Ensure that expenses like diagnostic tests, doctor’s fees, medical check-ups, etc. that you might have to incur before you get hospitalized or after you are discharged are covered. A good plan should provide at least 60/90 days of pre- and post-hospitalization coverage. And lastly, check the coverage for organ donor expenses. While it is a low-probability event, any organ transplant is an expensive affair. This ensures such costs are covered by the insurer. <h2>Save for a rainy day</h2>“It can’t happen to us until it does”. When you are flooded with a daily deluge of news about accidents, deaths, fires, train wrecks and more, it’s easy to disassociate and think “Oh, this won’t happen to me”. But when emergencies arrive at your doorstep, they don't knock but rather break the door down. As such, it's best to be financially prepared for any contingencies, and the best way to do so is to have an <keyword id="20747810" type="General" weightage="20" keywordseo="emergency-fund" source="keywords">emergency fund</keyword> handy. For this, you can set aside 3-6 times your monthly income in a liquid mutual fund, recurring deposit (RD) or savings bank account. This will help you tide over a medical emergency, job loss and more. But remember, this is not to be broken into for funding those impromptu vacations! <h2>Upskill, Upskill</h2>Earning money is hard, but still easier than effectively managing it. Most of us run away from managing and investing our own hard-earned money because it sounds difficult and looks too complicated and jargon-y. This Independence Day, gift yourself a basic course on <keyword id="20762784" type="General" weightage="20" keywordseo="money-management" source="keywords">money management</keyword>, budgeting and investing. You won’t become <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword> overnight, but it will certainly be a good start. Start with a basic budget and importantly, stick to it. Write and track how much you earn and spend on a monthly basis, so that you’re more in charge of your funds, and not looking (hopefully!), at maxed-out credit cards and empty wallets at the end of the month. <h2>Be free of anything that looks easy money</h2>These days, it’s super easy to get credit, a personal loan, and buy your favourite gadget, or your latest fascination via <keyword id="19985897" type="General" weightage="20" keywordseo="BNPL" source="keywords">BNPL</keyword> (Buy Now Pay Later). And in the short run, it can be incredibly satisfying as well. But then, when you get your monthly statements, and find a never-ending stream of interest charges, and penalties, which eventually pull you into a spiral of debt trap. If something looks too good to be true, it might really just be too good to be true. BNPL and instant credit are very much like that. So, the next time you want to buy something expensive, hold that thought for at least 48 hours, before revisiting it. Most of the time, you’ll find you don't even desire it anymore. If you still have the urge to buy it, try the saving and buying approach, instead of swiping your credit card or signing up for BNPL apps!

Five gifts you can give to yourself, friends, or family, towards achieving financial independence

As the COVID-19 outbreak induced a health emergency across the globe, it also imposed <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> continuity risks for many industries. Especially for businesses that have traditionally worked on the face-to-face interface with the customers, the pandemic brought a series of challenges. In India, many companies rose to the challenge and seamlessly maneuvered through the crisis, and built in new capabilities and strengths. One such story is that of <keyword id="6374257" type="General" weightage="20" keywordseo="max-life-insurance" source="Orion">Max Life Insurance</keyword>. The Indian insurance major looked at the looming health risk with a growth mind-set and drove a cultural transformation within the organisation and built systems and products that are even more customer-centric and meaningful. In March 2020, as the COVID-19 outbreak led to a nationwide lockdown and a momentary standstill in economic activity, the firm’s sales were heavily impacted. Even as the chances to turn around looked like a herculean task, <keyword id="1118012" type="General" weightage="20" keywordseo="max-life" source="Orion">Max Life</keyword> Insurance focused on setting the wheels in motion to reinvent the insurance business model in a post-pandemic and digital world. <div type="Video" msid="87741071" hostid="261" title="Agile, digital, truly differentiated — what sets Max Life Insurance apart from the other players in the space" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87741071"></div> <cmsannotation type="cmsannotation" annotationid="The digital mind-set" comment="subhead" text="The digital mind-set">The digital mind-set</cmsannotation> The first thing that the firm focused on is ensuring the ‘ease’ of doing business for a customer from an end-to-end interface point of view. “The most important aspect of enabling this transition was to imbibe a digital mind-set within the organisation. Hence, right from hire to retire all our human resources management systems were moved to digital. Our classroom centric training for agents was impeccably conducted digitally. Our sales training and management processes were also digitally tracked. Moving the entire recruitment and onboarding of agent advisors was a major win, as we recruit close to 35,000 agent advisors in a year. We ensured that the whole ecosystem is up and running in four weeks,” says V Viswanand, Deputy Managing Director, <keyword id="26842" type="General" weightage="20" keywordseo="max" source="Orion">Max</keyword> <keyword id="6406875" type="General" weightage="20" keywordseo="life-insurance" source="Orion">Life Insurance</keyword>. <cmsannotation type="cmsannotation" annotationid="Product-innovation" comment="subhead" text="Product-innovation">Product-innovation</cmsannotation> Owing to the health scare amidst a global pandemic, a lot of customers’ insurance needs and preferences changed. With an impending health risk amid unprecedented volatility in markets and slowdown across economies, the firm focused on protecting innovations with term plans. Historically, for a 40- year term plan, a customer would have to pay a 50% premium upfront. However, given the volatile environment, the firm decided to create a feature wherein the customer gets an option to pay the regular premium or unlimited premium and can choose to take away the entire amount at the age of 65 or continue at will till the age of 80. So the return of premium or the option to continue on the special exit value became an innovation feature. Moreover, keeping in with the post-Covid world’s realities, the firm also came up with the feature of ‘premium holidays’ to ease the burden on the customers. It also enhanced the number of critical illnesses covered under its riders from 30 to 64. “Pure term plans and our retirement focus, which helps cover the risks for a long-life, have actually doubled during the post-COVID time. It’s a muscle that we would like to retain because that's where we are very differentiated from banking products and mutual fund products,” asserts V Viswanand, Deputy Managing Director, Max Life Insurance. <cmsannotation type="cmsannotation" annotationid="Engaging with the prospects" comment="subhead" text="Engaging with the prospects">Engaging with the prospects</cmsannotation> Max Life digitally enabled agent advisors to reach and engage with prospective customers better. An app called ‘I am The Difference’ was developed to help agent advisors have access to digital tools and marketing literature at any given time. The company also built microsites for its agents, with video snippets that helped a prospect familiarise themselves with the agent. With the creation of new products and features, there was a need to educate the sales team too. Hence an app called, M Buddy was built to enable learning and certifications for agents. The company has recorded close to 10,000 to 12,000 certifications completed so far. The next focus was to improve servicing systems for new customers. With the new digital muscle built-in, the company focused on improving its issuance rate. Currently, 1/3rd of the new policy issuances are completed within 30 minutes. Moreover, the medical check-up, a prerequisite in the issuance process, was moved to a visit-to-home model, enabling a seamless experience for the new customers. The company also came up with a ‘Buy now pay later' option. So a new prospective lead could apply for insurance without having to pay anything upfront. Today, nearly 12.5% of India’s population buys insurance online. Max Life has a market share of one in three, so one out of three policies purchased by customers online or via web aggregators is from Max life. So all our engagement and digitally-enabled ecosystem have helped us create a strong recall with our distributors and our customers. The cumulative effort to drive a growth mind-set in times of volatility and nimbleness to create an ecosystem that supports the company’s growth aspirations helped Max Life Insurance turnaround the business efficiently. Max Life Insurance remains among the frontrunners in claims settlement with a 99.35% claims paid ratio, which is a testament to the integrity and trust it has built amongst the customers. The firm outstandingly used the momentary lull to change its back-end and transform it into a new-age cloud native underwriting issuance system. The customer portal was completely rejigged and today 1/3rdof the company’s IT infra is on cloud platform. Thus, creating an end-to-end digitally enabled working platform that benefits the employees, distributors and customers. Disclaimer: This is a sponsored article in partnership with Max Life Insurance

Agile, digital, truly differentiated — what sets Max Life Insurance apart from the other players in the space

<ul><li>Hiring trend in India’s banking and insurance sector is bouncing back after the disruption caused by the global COVID-19 pandemic.</li><li>A recent report by online job platform Monster.com says that the finance and accounts sector saw an uptick of 11% in job postings in the month of June 2021.</li><li>List of job hirings in big banks for various roles in India</li></ul>The banking, financial services and investment (BFSI) sector is one of the most crucial sectors, as it is at the core of any economy's growth. Hiring trend in India’s banking and insurance sector is bouncing back after the disruption caused by the global COVID-19 pandemic and has shown a recovery from their recent slump, according to a May 2021 report by Naukri Jobspeaks. A recent report by online job platform Monster.com says that the finance and accounts sector saw an uptick of 11% in job postings in the month of June 2021 as compared to May 2021. Here is a list of job hirings in big banks for various roles in India — 1. <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> — Manager YES bank is hiring a manager in Kochi, Kerala in the large corporates south department for a full time role. Candidates should have a Master of Business Administration (MBA) degree. The selected candidate will have to closely coordinate with the team leaders to ensure they effectively address the client's financial needs as when required structuring and restructuring needs. Interested candidates can apply <a href="https://yesbankcareers.skillate.com/careers/jobs/LAR00001A/details">here</a>. 2. <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> — Manager — Corporate and Commercial banking The bank is looking for a manager in Mumbai, Maharashtra for Corporate and Commercial banking department for a full time position. Candidates applying for this role should have an MBA or a post graduate diploma in management (PGDM) in any discipline or be a chartered accountant (CA) and have at least more than 2 years of industry experience. The key responsibility of the selected candidate would be to identify new business opportunities for the bank in the India-Canada corridor. Interested candidates can apply <a href="https://www.naukri.com/job-listings-manager-corporate-and-commercial-banking-icici-bank-ltd-mumbai-all-areas-5-to-10-years-150721005357?src=jobsearchDesk&amp;sid=16269185081622849_1&amp;xp=1&amp;px=2">here</a>. 3. <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> — Relationship Officer The bank is looking out for a relationship manager in Bhopal, Indore, and Raipur with1-5 years of job experience. Candidates from banking, financial services and insurance (BFSI) are preferred.The responsibility of the candidates would be to manage sales of banking products and fulfilling needs and develop sales targets. Interested candidates can apply <a href="https://www.naukri.com/job-listings-relationship-officer-axis-bank-bhopal-indore-raipur-1-to-5-years-250621005469?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=1&amp;px=1">here</a>. 4. <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> — Branch Sales Manager The bank is recruiting a branch sales manager in Bengaluru, Karnataka for a full time position. The candidate must have 2-3 years of relevant experience and should have basic knowledge of banking products, good relationship management and presentation skills. The key responsibility of the candidate would be to maintain continuous customer engagement through customer visits/ contacts or proactive solutions of customer issues and queries. Interested candidates can apply <a href="https://hdfcbankcareers.hirealchemy.com/#/description/9f26acee-5186-40aa-822e-39eeba0b7a20">here</a>. 5. Axis Bank — Branch Manager The bank is hiring branch managers at various places — Ludhiana, Shimla, Kurukshetra and Jammu for a full time role. The candidates should have an experience of at least 8-13 years in the banking sector. The key responsibilities of the candidates would be to enhance and contribute to the growth of the company through business development, prepare and review the monthly calendar of outbound activities. Interested candidates can apply <a href="https://www.naukri.com/job-listings-branch-manager-icici-bank-ltd-ludhiana-shimla-kurukshetra-jammu-8-to-13-years-100721001674?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=16&amp;px=1">here</a>. 6. YES Bank — Product Sales Manager The bank is looking for an experienced product sales manager for retail cash management services (CMS) sales department in Mumbai, Maharashtra for a full time position. The candidate should be an MBA in finance or CA and should have at least 3-4 years of experience in CMS or 5-7 years of experience in the banking industry. The candidate will be responsible for the steady flow of CMS management service businesses. Interested candidates can apply <a href="https://yesbankcareers.skillate.com/careers/jobs/RET0001AA/details">here</a>. 7. ICICI Bank — Sales/Business Development Manager The bank is hiring an experienced sales/business development manager for the corporate market group at various locations -- Ranchi, Ahmedabad and Chennai for a full time role with an experience of 10-16 years in the industry. The key responsibility of the candidates would be to handle existing customer relationships, increase wallet share of cross border transactions. Interested candidates can apply <a href="https://www.naukri.com/job-listings-corporate-market-group-icici-bank-ltd-ranchi-ahmedabad-chennai-10-to-16-years-150721001928?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=9&amp;px=1">here</a>. 8. Federal Bank — Insurance Relationship Manager The bank is hiring an insurance relationship manager for Ageas Federal Life Insurance at various locations — Bengaluru, Coimbatore, Bijapur and Belthangady for a full time role. The candidate must have a postgraduate degree in any discipline with a relevant experience of at least 2-4 years in the insurance sector. Interested candidates can apply <a href="https://www.naukri.com/job-listings-relationship-manager-banca-channel-federal-bank-ageas-federal-life-insurance-company-limited-vijayapura-bijapur-beltangadi-coimbatore-bangalore-bengaluru-1-to-3-years-100721003321?src=jobsearchDesk&amp;sid=16269268509135267&amp;xp=3&amp;px=1">here</a>. 9. HDFC Bank — Personal Banker The bank is hiring a personal banker with an experience of at least 1-2 years in the industry in Ludhiana, Punjab. The key responsibility of the candidate would be to maintain daily sales reports and ensure quality of relationships with customers. Interested candidates can apply <a href="https://hdfcbankcareers.hirealchemy.com/#/description/a6e6f134-54a8-4ea8-a60d-a5e5b0b60c6e">here</a>. 10. IndusInd Bank — Sales Manager The bank is looking for a sales manager with an experience between 2-7 years in the banking industry at various locations — Delhi, Ghaziabad and Agra for a full time position. The key responsibility of this position would be to identify and develop new relationships for generating new business through dealers. Interested candidates can apply <a href="https://www.naukri.com/job-listings-am-dm-commercial-vehicle-new-refinance-delhi-up-west-indusind-bank-limited-delhi-ncr-ghaziabad-agra-2-to-7-years-291118600523?src=jobsearchDesk&amp;sid=16269281082683911&amp;xp=2&amp;px=1">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/these-are-some-of-the-universities-that-offer-free-education-for-international-students/slidelist/84463712.cms">Planning to study abroad? These are some of the universities that offer a free education for international students</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/indians-planning-to-travel-more-as-covid-19-restrictions-relaxed-in-many-states/articleshow/83867486.cms">Indians are making big plans of ‘revenge travel’ as COVID-19 restrictions get lifted in many states</a>

Banking jobs: HDFC Bank, Axis Bank, ICICI Bank and more are hiring across the country for various roles

Mumbai, Apr 28 () Private sector lender Axis Bank on Tuesday formally joined peers to have a life insurance joint venture by announcing to raise its stake in Max Life Insurance, the fourth largest player in the life cover space, to 30 per cent for Rs 1,592 crore. The deal, which comes during bleak economic times as the country grapples with the impact of COVID-19 pandemic, was struck due to the opportunity in the life insurance space and also the price at which it could be sealed, Axis Bank's managing director and chief executive Amitabh Chaudhry said. Other large lenders, including HDFC Bank, ICICI Bank and SBI, and also smaller ones have life insurance joint ventures or have promoted companies themselves. According to experts, banks originate a lot of insurance business and "manufacturing" products is more rewarding than merely selling them. India's third largest private sector lender Axis Bank, which already has a minor 1 per cent ownership of the insurer, used to sell Max's policies for over a decade, which has seen 19 lakh customers and over Rs 38,000 crore in premium generated, Chaudhry said. A senior Axis Bank official said the deal includes picking up over 55 crore shares of the insurer at Rs 28.61 per unit, which takes the total deal consideration to Rs 1,592 crore, and underlined that the final figure may wary a bit depending on the date of deal closure. The deal requires nods from the Reserve Bank, Insurance Regulatory and Development Authority and Competition Commission of India, and will take up to six to nine months to consummate. When asked about the timing of the deal, Chaudhry defended the move pointing out to the "big opportunity" that is presented by the life insurance sector and the potential for the upside on the investment presented by the price at which it is signed. It can be noted that the Reserve Bank is pushing lenders not to declare dividends to conserve capital and deploy it for fresh lending, which will be necessary to kickstart the economy once the lockdown ends. Chaudhry said the Max stake buy will dent its overall capital adequacy, which stood at a comfortable level of over 17 per cent, by only 0.10 per cent. Max Life Insurance is a part of the listed Max Financial Services Ltd (MFSL), a diversified financial services company. In a regulatory filing, Max said that the consideration payable by Axis Bank for purchase of the shares shall be arrived basis the valuation of Max Life conducted as per Rule 11UA read with Rule 11UAA of the Income-tax Rules, 1962. Upon the closing of the deal, MFSL will have the right to nominate four directors on the Max Life board, while Axis Bank will have the right to nominate three directors. One nominee director of the promoter group on the board of MFSL shall be a person identified by Axis Bank. Chaudhry denied speculation about the stake being raised in the future by the bank, including murmurs of a complete takeover, saying there are no such plans. At present, products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues. On February 20, a tri-party agreement was signed between Axis, MFSL and Max Life to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life. At present, MFSL holds 72.5 per cent stake in Max Life and Japan-based Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. The proposed transaction with Axis Bank follows the ongoing swapping by MSI of 20.6 per cent stake that it holds in Max Life with a 21.9 per cent stake in MFSL, an official statement said. "MFSL also plans to purchase MSI's balance stake in Max Life. Post completion of the series of transactions, Max Life will become a 70:30 joint venture between MFSL and Axis Bank," it explained. Against the 30 per cent stake, Axis Bank's name will be included in Max Life's tag line. It is to be noted that Max Life had made an attempt to merge with HDFC Life in 2017 which failed as they did not receive regulatory approval due to reported complexity of the deal. Interestingly, the deal was then brokered by the then HDFC Life CEO Amitabh Chaudhry who is now the CEO of Axis Bank. Following failure of the deal, Max Group made several attempts to sell part of its stake. However, it did not meet success. MFSL shares gained 5.14 per cent to close at Rs 475.80 apiece on the BSE, while Axis Bank stock surged 6.61 per cent to close at 455.55 per unit, as against gains of 1.17 per cent on the benchmark. AA DP MKJ

Axis Bank to buy 29% stake in Max Life for Rs 1,592 crore

New Delhi, Apr 28 () Shares of Axis Bank and Max Financial Services on Tuesday gained up to 6.6 per cent after the bank decided to raise its stake in Max Life Insurance to 30 per cent.Axis Bank shares zoomed 6.61 per cent to close at Rs 455.55 on the BSE. During the day, it jumped 7.24 per cent to Rs 458.25.Max Financial Services also gained 5.14 per cent to close at Rs 475.80. It rose by 8.79 per cent to Rs 492.35 during the session.Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore.With the deal going through, sources said, the bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max Life.Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution of its products. Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues.The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday."This is an outcome of the inter-se discussions after the three companies had signed a confidentiality and exclusivity arrangement on February 20, 2020 to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life," it said.Interestingly, the deal comes at a time when the economy is hit by COVID-19 crisis impacting all sectors of the economy, including the financial sector. SUM BALBAL

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