Business briefs

Under the ESOP Cheque Cash Karo scheme, all the employee stock ownership plan (ESOP) holders have been given option to sell shares from their first vesting back to BharatPe, it said in a release. Vesting is the amount of time an employee must work before acquiring a non-forfeitable entitlement to his or her benefit.

BharatePe gives share buy-back offer to ESOP holders New Delhi: Merchant payment and lending platform BharatPe on Tuesday said it has launched a share buy-back offer to its staff under the ESOP scheme. Under the ESOP Cheque Cash Karo scheme, all the employee stock ownership plan (ESOP) holders have been given option to sell shares from their first vesting back to BharatPe, it said in a release.

Vesting is the amount of time an employee must work before acquiring a non-forfeitable entitlement to his or her benefit. BharatPe said it has 6 per cent (over USD 25 million) of its overall equity allotted to the ESOP pool, all employees are given ESOP grant along with appointment letter and the ESOPs carry zero strike price (the price to be paid to convert a stock option into share).

The employees are not required to exercise the ESOPs on leaving and can time it with a liquidity event anytime up to five years. With ESOP Cheque Cash Karo, employees will be able to enjoy liquidity upfront which will establish ESOP as valuable and liquid currency, it said. The company currently has 251 employees out of which 40 hold stock options. * * * * * Tata AIA Life launches 'Express Claims' service * Mumbai: Private life insurer Tata AIA Life Insurance has launched an initiative-Express Claims, which processes the life insurance claim pay-outs within four hours of registering the claim. In addition, the company has launched – Easy Claims service under which its representatives offer claims services at the doorstep by assisting with the necessary claims related documentation so that the nominees do not need to visit its branch to register their claim, a release said.

In case of death claims, the nominee, as per the process, needs to file a claim by filling a claims form along with policy holder death certificate, nominee's KYC documentation comprising Aadhar card, pan card and bank account details, it said. * * * * * * PNB Housing Finance launches digital customer onboarding platform * Housing finance company PNB Housing Finance has launched a digital customer onboarding platform to facilitate easier and safer disbursal of loans. The platform- Ace- automates the entire end-to-end loan onboarding process including data collection and verification, and lead generation through various digital channels, a release said.

Customers can upload documents online with backward integration of verification processes such as PAN, Aadhaar, digital signatures and video-based KYC including geo-tagging. These will be integrated into the company's underwriting platform for digital transmission of the application and final sanction of the loan, it said..