Tag: Financial Security

Finance

IDBI Bank Launches ‘Aarogya Fixed Deposit’ Offering ₹15 Lakh Health Insurance Cover

Tanisha Cardozo

IDBI Bank has announced the launch of its ‘Aarogya Fixed Deposit’ scheme, a distinctive financial product that combines assured fixed deposit returns with health insurance coverage, reinforcing the bank’s commitment to enhancing customer well-being alongside financial security.

Under the scheme, customers can invest a fixed amount of ₹7.50 lakh for a tenure of 370 days and receive health insurance coverage of up to ₹15 lakh in addition to earning interest on the fixed deposit. The health insurance component is provided through Care Health Insurance, which has been identified as the insurance partner for the product.

The Aarogya Fixed Deposit is exclusively designed for resident individual customers between the ages of 18 years and 58 years 11 months. By integrating a traditional savings instrument with a substantial health insurance benefit, the scheme aims to offer a holistic financial solution that addresses both wealth creation and healthcare security.

Speaking on the launch, Shri Sumit Phakka, Deputy Managing Director at IDBI Bank, said the initiative reflects the bank’s continued focus on customer-centric innovation. He noted that by combining assured returns with meaningful health insurance coverage, the bank is offering a solution that supports both financial stability and health protection.

The introduction of the Aarogya Fixed Deposit comes at a time when individuals are increasingly prioritizing comprehensive financial planning that includes health risk mitigation. With healthcare costs rising steadily, the integration of insurance benefits into traditional banking products represents a strategic step toward providing customers with integrated financial solutions.

Through this offering, IDBI Bank seeks to differentiate itself in the competitive banking landscape by delivering added value beyond conventional deposit schemes. The Aarogya Fixed Deposit underscores the growing trend of financial institutions developing hybrid products that align savings with essential protection needs, strengthening customers’ financial resilience in an uncertain environment.

Social

Jeet Adani Marks First Anniversary by Funding FDs for 500 Divyang Women

Tanisha Cardozo

Jeet and Diva Adani marked their first wedding anniversary by completing one year of Adani Mangal Seva, a social security initiative designed to support divyang women with long-term financial stability and dignity. The milestone was observed at the Belvedere Club lawns in Shantigram, Ahmedabad, where beneficiaries, their families, and representatives of the Adani Foundation gathered to reflect on the programme’s progress.

Launched ahead of the couple’s wedding on February 7, 2025, Adani Mangal Seva was envisioned as a way to transform a personal celebration into a sustained social commitment. Instead of marking the occasion with symbolic gestures, the initiative was structured to deliver tangible, long-term benefits to women with disabilities.

In its first year, the programme supported 500 divyang women, each receiving a fixed deposit of ₹10 lakh. Created in partnership with the State Bank of India, these deposits are designed to provide an assured monthly income, while the principal amount becomes accessible after ten years. The structure aims to ensure both immediate support and long-term financial security.

Anchored by the Adani Foundation, the social welfare arm of the Adani Group, the initiative focuses on women between the ages of 25 and 40. Beneficiaries are identified in collaboration with project partner Youth for Jobs and must hold a valid Unique Disability ID card. The programme is set to continue for at least five years, supporting up to 500 women annually, with an allocation of ₹50 crore each year.

According to the Foundation, the initiative reflects the philosophy of Adani Group Chairman Gautam Adani, who believes that service should be continuous, purposeful, and responsibility-driven rather than symbolic.

The anniversary event included the distribution of fixed deposit certificates to beneficiaries, along with cultural performances by the Blind People’s Association of Ahmedabad. The programme featured a Garba presentation and a fusion music performance, creating an atmosphere of celebration and inclusion. The evening began with prayer and reflection, followed by presentations outlining the initiative’s objectives and impact.

In a message on social media platform X, Gautam Adani extended his blessings to the couple and reflected on the impact of the initiative. He noted that Adani Mangal Seva has brought financial security, dignity, and renewed hope to many families, adding that the satisfaction of restoring confidence and smiles in people’s lives goes beyond material success.

Dr Priti Adani, Chairperson of the Adani Foundation, said the initiative was inspired by the belief that personal happiness finds its highest meaning when shared for collective well-being. She described Adani Mangal Seva as more than a programme, calling it an expression of faith in the strength, resilience, and dignity of women with disabilities.

Addressing the gathering, Jeet Adani described the initiative as a quiet but enduring form of support, representing a responsibility the family intends to carry forward. Diva Adani added that the programme is built on the belief that financial security should be lasting and dignity should never depend on circumstances.

During the event, Gautam Adani also released a book documenting stories of transformation under Adani Mangal Seva. The evening concluded with a community dinner, reflecting the inclusive spirit at the heart of the initiative.

As Adani Mangal Seva completes its first year, it stands as an example of how personal milestones can be transformed into sustained social commitments, reinforcing the Adani Foundation’s belief that prosperity and service go hand in hand.

Human Interest

New PAN Card Applications to Require Mandatory Aadhaar Authentication from July 1, 2025

allycaralgoa

Date: June 2025

In a significant move to streamline financial services and enhance the integrity of the taxation system, the Government of India has announced that, starting from July 1, 2025, obtaining a new Permanent Account Number (PAN) card will require mandatory Aadhaar authentication. This new directive is set to simplify the process of PAN card issuance and create a more secure and integrated framework for financial transactions across the country.

Why the Change?

The new rule comes as part of the government’s continued push to digitize and modernize the financial and tax systems. Linking Aadhaar with PAN is expected to reduce instances of identity fraud and tax evasion, making the entire process more transparent and secure. It also aims to eliminate the need for multiple documents when applying for a PAN card, as Aadhaar will serve as the primary identity verification.

By linking the Aadhaar number with the PAN, the government aims to ensure a seamless and unified identity system across multiple sectors, ranging from banking to taxation, and even government welfare schemes. This move is in line with the government’s larger vision of Digital India, where data integration and digital identity verification are key pillars.

What Does This Mean for Applicants?

As of July 1, every applicant for a new PAN card will need to complete an Aadhaar authentication process. This will involve the following steps:

  • Linking Aadhaar with PAN: Applicants will be required to link their Aadhaar number to their PAN during the application process. This can be done by entering the Aadhaar number on the official website of the Income Tax Department or at a designated PAN application center.
  • OTP-Based Authentication: Once the Aadhaar number is provided, an OTP (One-Time Password) will be sent to the applicant’s registered mobile number linked with their Aadhaar. The OTP will be used for authentication, confirming the identity of the applicant.
  • Faster and Paperless Process: This integration will allow for a faster, more secure, and paperless process of applying for a PAN card. The Aadhaar database will serve as the primary point of reference for verifying the applicant’s identity, thus reducing delays associated with document verification.

Key Benefits of the Aadhaar-PAN Integration

  1. Enhanced Security: Linking Aadhaar with PAN will significantly reduce the risk of fraudulent activities, including multiple PANs being issued to a single individual, which could be used for illegal or unethical purposes.
  2. Reduced Tax Evasion: The move is aimed at reducing tax evasion, as it will be more difficult for individuals to hold multiple PAN cards under different names. It will also help the government track transactions more efficiently.
  3. Faster Processing: The application process will be much quicker, as there will be no need for physical document verification. The Aadhaar authentication will act as a reliable and instant proof of identity.
  4. Simplified Verification: Linking Aadhaar and PAN will simplify the verification process in several services, including opening bank accounts, filing taxes, and applying for loans or government schemes. It will also make it easier to ensure that welfare benefits reach the intended recipients.
  5. Better Government Service Delivery: The integration will lead to more efficient service delivery by ensuring that public services and welfare schemes are properly targeted and reach the right people.

Impact on Existing PAN Card Holders

For existing PAN card holders, the Aadhaar linking with PAN has been a requirement for some time. However, this new mandate will only impact those who are applying for a new PAN. If you are an existing PAN card holder and have already linked your Aadhaar number, no further action will be needed.

For those who have not yet linked their Aadhaar with PAN, the last date for linking remains March 31, 2025, after which the PAN may become inactive. In case you haven’t linked your Aadhaar with PAN, it is recommended that you do so as soon as possible to avoid disruptions in financial transactions.

How to Link Aadhaar with PAN

  1. Online Method:
    • Visit the official website of the Income Tax Department.
    • Go to the ‘Link Aadhaar’ section under the ‘PAN Services’ tab.
    • Enter your PAN and Aadhaar details along with the OTP sent to your registered mobile number.
    • Click ‘Submit’ to complete the linking process.
  2. Offline Method:
    • Visit a nearby PAN application center or Aadhaar Seva Kendra.
    • Submit your PAN card and Aadhaar details for manual verification.

Challenges and Concerns

While this new system promises to make the PAN card application process smoother and more secure, there are concerns regarding privacy and accessibility. Some citizens may face difficulties if their Aadhaar details are not up-to-date, or if their Aadhaar is linked to a mobile number that they no longer have access to.

The government has assured that necessary safeguards will be in place to protect privacy and data security. However, individuals who face issues during the Aadhaar authentication process will have access to support through official channels to resolve their concerns.

Conclusion

The mandatory Aadhaar authentication for new PAN card applications is a significant step in the government’s ongoing effort to modernize India’s financial and taxation systems. The move is expected to not only reduce the risk of fraud but also to bring about greater efficiency and transparency in financial transactions. While existing PAN cardholders have already been urged to link their Aadhaar, this new rule will help create a more secure and integrated digital identity system across the country.

Important Dates

  • July 1, 2025: Mandatory Aadhaar authentication for all new PAN card applications.
  • March 31, 2025: Last date to link Aadhaar with existing PAN cards.