Tag: India Banking

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.

Finance

HDFC Bank Releases First Standalone CSR Report, Spends ₹1,068 Crore in FY25

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

HDFC Bank, India’s largest private sector bank, has released its first-ever standalone annual Corporate Social Responsibility Report, marking a significant milestone in its decade-long journey of social impact through its umbrella initiative, Parivartan. The report highlights the Bank’s sustained commitment to inclusive and sustainable development across the country.

In FY 2024–25, HDFC Bank spent ₹1,068.03 crore on CSR initiatives, reflecting an increase of nearly ₹123 crore over the previous year. As of March 31, 2025, the Bank’s cumulative CSR investment stands at ₹6,176 crore. Over the past ten years, Parivartan has touched 10.56 crore lives across 28 states and eight Union Territories, with projects implemented in 102 of the 112 Aspirational Districts identified by the Government of India. The Bank has also extended its rural development initiatives to 298 border villages.

The CSR Report outlines HDFC Bank’s work across six core focus areas that address critical social and environmental needs. Its flagship Holistic Rural Development Programme follows an integrated, cluster-based approach to improve infrastructure, education, natural resource management, health and sanitation, positively impacting over 14.92 lakh households. In education, the Bank has strengthened access and quality through scholarships, digital learning and infrastructure, disbursing over 29,000 scholarships, setting up more than 2,600 SMART schools and establishing 930 community libraries.

Through skill training and livelihood enhancement programmes, HDFC Bank has enabled 7.2 lakh individuals, including youth and women, to secure sustainable livelihoods. Its healthcare and hygiene initiatives have expanded access to preventive care, maternal and child health services and hygiene awareness, benefiting over three lakh individuals through mobile clinics, cancer care support and maternal health initiatives. Financial literacy and inclusion efforts have empowered individuals with banking awareness and digital safety, with the Bank’s Vigil Aunty campaign on fraud awareness reaching over 21 lakh followers online.

The newest focus area under Parivartan, natural resource management, promotes sustainability through water conservation, afforestation, solar energy solutions and biodiversity conservation. To date, the Bank has created 14,520 water conservation structures and installed more than 69,000 solar lights, supporting long-term environmental stewardship.

Aligned with 10 of the 17 United Nations Sustainable Development Goals, HDFC Bank’s CSR initiatives reflect an integrated approach to development that balances economic progress with social equity and environmental responsibility. Commenting on the milestone, Kaizad Bharucha, Deputy Managing Director, HDFC Bank, said that Parivartan represents the Bank’s sustained effort to work alongside communities in unlocking their potential, guided by a philosophy of inclusive, locally relevant and future-focused development.

Finance

Axis Bank Launches India’s First Gold-Backed Credit Line on UPI via Freecharge

Tanisha Cardozo

Axis Bank, one of India’s largest private sector banks, has announced a groundbreaking new offering in collaboration with Freecharge: India’s first gold-backed credit line on the Unified Payments Interface (UPI). This pioneering product is set to redefine how secured credit is accessed in India, particularly for micro, small and medium enterprises (MSMEs), self-employed professionals, and merchants operating across urban and rural markets.

The offering enables users to avail instant credit against their gold holdings, transforming an age-old asset into a dynamic financial tool for modern digital use. The standout feature of the product is its integration with UPI, making both transactions and repayments simple, fast, and accessible from any UPI-enabled app, including Freecharge. Customers only pay interest on the utilized credit amount, ensuring a cost-effective way to manage cash flow, address urgent liquidity needs, or fuel business growth.

Existing Axis Bank customers with gold loan eligibility can avail this credit line through a completely digital journey, removing the need for physical branch visits after onboarding. The product is designed for seamless digital interaction—users can borrow and repay in real-time through UPI, with clear visibility into their credit line usage.

Speaking at the launch, Munish Sharda, Executive Director at Axis Bank, highlighted the innovation, stating that combining the trust of gold with the flexibility of UPI positions this product as a landmark in digital lending. It underlines Axis Bank’s commitment to expanding financial inclusion and pioneering secure credit solutions in the digital age.

This launch also aligns with the National Payments Corporation of India (NPCI)’s recent guidelines permitting credit lines on UPI, opening up new avenues for banks and fintech players to collaborate and deliver accessible credit. Sohini Rajola, Executive Director – Growth at NPCI, noted that the infrastructure now in place allows financial institutions to build simplified and secure digital credit products that are scalable across India.

With Axis Bank’s expertise in credit and its vast branch network, coupled with Freecharge’s fintech innovation and digital-first approach, this new offering brings together the best of traditional finance and modern technology. It provides an innovative, trusted, and user-friendly credit solution, significantly raising the standard for digital lending in the country.

This marks a significant step forward in India’s journey toward inclusive, technology-driven financial services, and opens new possibilities for individuals and businesses to unlock the value of their assets instantly, anytime, anywhere.

Finance

HDFC Bank Unveils Festive Treats 2025 with Over 10,000 Exclusive Offers Nationwide

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Written by Intern Queeny George M.H , Team Allycaral

HDFC Bank, India’s leading private sector bank, has launched its highly anticipated Festive Treats 2025 campaign, setting the tone for the country’s bustling festive shopping season. With over 10,000 offers rolled out across a spectrum of banking and financial services including credit cards, personal loans, PayZapp, and EASYEMI, the campaign is designed to deliver value, convenience, and smart spending options to customers across India.

Announcing the campaign, Mr. Parag Rao, Country Head – Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank, said, “As the country begins to wrap itself in festive delights, we bring to our consumers myriad offers that provide tangible value. Festive Treats is our annual property that drives demand and supports consumption patterns of the country by giving our customers opportunities to optimise their savings on festive spends.”

Mr. Ravi Santhanam, Group Head and CMO, Head – Direct to Consumer Products, HDFC Bank, added, “A multi-year franchise, Festive Treats is like a clarion call for the festive season. We bring these curated offers to our customers through our strong physical and digital footprint. By rolling out Festive Treats in phases from Onam through to Diwali with hyperlocal activations, we will ensure that the offers are not only compelling but also deeply relevant to local communities.”

The scale of the campaign is unmatched, with HDFC Bank planning over 37,000 on-ground activations at retail hubs, residential societies, and corporate offices to ensure the offers reach customers where they are. The bank will leverage its vast network of 9,499 branches, 21,251 ATMs, and more than 600,000 merchant and dealer touchpoints across India. The campaign reflects HDFC Bank’s commitment to driving financial accessibility and retail growth during India’s biggest shopping season.

As customers prepare for celebrations, gifts, and home improvements, Festive Treats 2025 arrives as the perfect partner in making those dreams affordable and rewarding.