Canara Bank introduces health care loans and savings accounts for women

Tags: Economy/Finance

Canara Bank launches health care loan 'Canara Heal' and savings account for women 'Canara Angel', launches technological advancements and digital SHG initiative.

An Overview of the News

Healthcare Loan Product: Canara Heal

• Canara Bank introduces a new healthcare-focused loan product named Canara Heal.

• Designed to cover the shortfall in hospitalization expenses, particularly aimed at settling healthcare insurance claims via Third Party Administrators (TPA) for self and dependents.

Savings Account for Women: Canara Angel

• Canara Bank launched a specialized savings account tailored for women, dubbed Canara Angel.

• Unique features include a Cancer Care policy, a pre-approved personal loan known as Canara ReadyCash, and an Online Loan against term deposit product called Canara MyMoney.

Collaborations and Partnerships

• Canara Bank formalizes Memorandums of Understanding (MoUs) with MediAssist Healthcare Services Ltd and Bajaj Allianz General Insurance Company Ltd.

• These partnerships aim to enhance healthcare accessibility and affordability for customers through the Canara Heal product.

Innovative Payment Solutions

• Unveiling of 'Canara UPI 123PAY ASI', a user-friendly payment interface.

• Introduction of 'Canara HRMS Mobile App for Staff', an HR management solution for the bank's employees.

Digital SHG Initiative

• CEO of the Reserve Bank Innovation Hub, Rajesh Bansal, launched a Digital SHG initiative called Canara SHG e-MONEY.

• Canara Bank becomes the pioneer in offering seamless doorstep digital services to Self-Help Groups (SHGs) in collaboration with RBIH.

• The initiative aims to provide instant digital credit to customers' accounts.