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Banking News
BANKING FINANCE
|June 2025
Public sector banks (PSBs) have scaled back insurance sales via the bancassurance channel in FY25, leading to a noticeable decline in growth for life insurers affiliated with them.
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PSB-Led Bancassurance Growth Slows as Focus Shifts to Core Banking
Industry estimates suggest that growth in the banca channel for PSB-backed life insurers slipped to 6 per cent in FY25 from 7 per cent in FY24, with March witnessing a mere 2 per cent uptick.
Meanwhile, private bank-led life insurers reported stronger banca growth of 15 per cent for FY25, although March growth moderated to 7 per cent from 8 per cent a year earlier. The slowdown in PSB-led insurance sales is attributed to revisions in incentive schemes and employee scorecards, affecting the push for insurance products.
"There is a marginal drop in growth of PSB-led insurance companies due to (a) slowdown in PSB banca business, owing to changes in incentive schemes and scorecards for bank employees for selling insurance," said a CEO of a private life insurer.
SBI Card, Apollo HealthCo Launch Co-Branded Wellness Credit Card
SBI Card and Apollo HealthCo have launched the Apollo SBI Card SELECT, a co-branded premium credit card focused on health and wellness benefits. The card provides up to 25% value back-10% as reward points and up to 15% as health credits on purchases made via the Apollo 24|7 app and Apollo Pharmacy outlets.
These credits are redeemable for medicines, diagnostics, and consultations. Customers can apply digitally through the Apollo 24|7 app, SBI Card website, or at select Apollo stores.
Additional perks include a Rs. 1,500 egift voucher and a complimentary oneyear FITPASS PRO membership for fitness access across India. "We aim to empower our customers to stay committed to their health and wellness goals," said Salila Pande, MD & CEO of SBI Card. Apollo HealthCo's executive chairperson, Shobana Kamineni, added, "This is the future of health-and we are proud to build it with SBI Card."
ED Arrests Former UCO Bank CMD in Rs. 6,200 Crore Loan Scam
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