Business briefs

Union Bank of India rolls out account aggregator ecosystem * State-owned Union Bank of India on Friday said it went live on Account Aggregator ecosystem, as part of government's digital push, and it will help the customers eliminate the need to furnish physical documents.

Union Bank of India becomes the first public sector bank to go live on the account aggregator ecosystem for participating in government of India's digital initiatives, the bank said in a release.

The Account Aggregator Ecosystem helps the lenders to leverage on digital data acquired with the consent from the customers, allowing them to furnish documents without the need of physical submission.

Under this ecosystem, Financial Information User (FIU) can request for data from the Financial Information Provider (FIP) based on a consent given by the customer on their account aggregator handle.

''Union Bank of India endeavors to work both as FIP and as FIU enabling its customers to share data digitally on real time basis. Union Bank has implemented the technology stack as per the Reserve Bank Information Technology (ReBIT) guidelines,'' it said.

The Account Aggregator (AA) ecosystem which went live in September 2021 has seen active participation from banks/NBFCs in the country, said the lender.

*** Tata AIG General launches health insurance plan with coverage up to 100 critical illnesses * Tata AIG General Insurance has launched a health insurance plan offering coverage for up to 100 critical illnesses and hospital cash benefits.

The product -- Tata Criti-Medicare -- offers various coverages under four sections - critical illness, cancer 360 degree indemnity, hospital cash and wellsurance benefit (optional).

It has two plans -- e Smart Century Premier Plan (100 critical illness) and Smart Half Century Plan (50 critical illness), which pay a lump sum amount if the insured person is diagnosed with any of the listed critical illnesses.

*** Shivalik Small Finance Bank appoints Anshul Swami as MD, CEO * Shivalik Small Finance Bank (SSFB) has announced the appointment of Anshul Swami as its Managing Director & CEO with effect from April 26.

Earlier, Anshul was associated with RBL Bank as Head (Retail & Inclusion, Products). He has also held positions with Barclays, Citi Financial, and Britannia, a statement said.

*** ManipalCigna offers cashless OPD * Standalone health insurer ManipalCigna has rolled out a new product that offers cashless OPD coverage for doctor consultation, prescribed diagnostic tests and pharmacy expenses.

The new plan, ManipalCigna prohealth prime, which claims to be industry first, also covers non-medical expenses to ensure that there are zero deductions towards non-medical items during hospitalisation etc.

The plan is restored unlimited times in case of total sum assured is exhausted, even for the related/same illness, and also waives off the beneficiary's next one-year renewal premium in case of accidental death or diagnosis of any of the listed critical illnesses.