This collaboration positions AU SFB as a preferred choice for its diverse customer base across 21 states and 4 union territories, offering reliable and affordable general insurance solutions. The partnership leverages UIIC's vast network of branches in over 1000 tier 2 and tier 3 locations, aligning with AU SFB's expanding infrastructure and growing customer portfolio, the company stated in the filing.
AU SFB has recently filed for a universal banking license with the Reserve Bank of India (RBI), and now focused on enhancing its bancassurance portfolio to offer innovative, technology-enabled insurance solutions to its customer base of over 1 crore, across all segments.
Uttam Tibrewal, executive director & deputy CEO, AU Small Finance Bank, said, 'We're delighted to partner with United India Insurance Company, a renowned PSU insurance company with a rich legacy and extensive network across India. The combined expertise of two strong entities will enable transparent and personalised banking solutions to AU SFB's customers, nationwide. Our partnership is synergistic towards our efforts to achieve 'Vanchit Ko Variyata', by providing aptly priced and risk-underwritten product solution across retail and SME segments.'
Bhupesh Sushil Rahul, chairman cum managing director & H. R. Gangwal, general manager, United India Insurance, said, 'This partnership will make our value-packed and innovative general insurance products available to a significantly larger customer base across the 2,414 touchpoints of AU SFB. Backed by top-tier, new-age services and a digital first approach, we are well placed to enable our customers in achieving their comprehensive Protection Goal aspirations. I am confident that our collective promise of 'Customer First' will lead to a long-term and successful partnership as we enable many more life goals, together.'
AU Small Finance Bank (AU SFB/AU) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country.
The company's consolidated net profit jumped 29.9% to Rs 502.57 in Q1 FY25 as against 386.90 crore posted in Q1 FY24. Total income surged 55.6% YoY to Rs 4,314.70 crore for the quarter ended 30 June 2024.
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BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits.
Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns.
Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices.
At times, the holdings of customers are sold at prices detrimental to the customer. The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
In our continuous effort to keep you safeguard from the market related frauds and increase awareness while conducting trades, we request you to go through the Press Release issued by the NSE and would request you to ensure that you do not engage with the individuals and entities mentioned below: