RBI grants HDFC Bank 3-year relaxation for meeting PSL requirements after merger with HDFC ( Housing Development Finance Corporation Ltd ) and SEBI allows ownership change of HDFC AMC, providing more flexibility to HDFC Bank's mutual fund business.

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RBI grants HDFC Bank 3-year relaxation for meeting PSL requirements after merger with HDFC ( Housing Development Finance Corporation Ltd ) In April 2023, the Reserve Bank of India (RBI) announced that it has provided HDFC Bank with a relaxation of three years to meet Priority Sector Lending (PSL) requirements following its merger with Housing Development Finance Corporation Ltd (HDFC).  This move is significant as HDFC Bank is India's largest private sector lender and has been struggling to meet the mandated PSL targets due to its high exposure to the corporate sector. Understanding Priority Sector Lending (PSL) Requirements for Banks in India and the Recent Relaxation Granted to HDFC Bank PSL is a mandatory requirement for banks in India to lend a certain percentage of their loans to specific sectors like agriculture, micro and small enterprises, education, and housing.  The RBI has set a target of 40% PSL for banks in India. With this relaxation, HDFC Bank can continu
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LIC Launches AI Chatbot LIC Mitra to Automate Customer Support Services in Collaboration with CoRover

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CoRover, a startup based in Bengaluru, has partnered with Life Insurance Corporation of India (LIC) to introduce the first phase of LIC Mitra, a virtual assistant powered by conversational AI. 

The introduction of the chatbot aims to enhance LIC's customer support services by automating real-time responses to customers' queries.

Features of LIC Mitra

The chatbot developed by CoRover.ai will be accessible on LIC's website and mobile app. 

It has been equipped with AI, machine learning (ML), and natural language processing (NLP) technologies to comprehend and respond to users' queries in multiple languages. 

One of the most unique features of the technology under LIC Mitra is that it enables users to search using their voice.

Queries Cleared by LIC Mitra

Queries regarding LIC products, past premiums paid, upcoming premiums, policy maturity date, and insurance can be addressed through the chatbot. 

LIC Mitra will enable existing customers to check the current status of their policy and obtain details such as premium due dates, policy maturity, etc. 

The chatbot will also allow customers to check their first unpaid premium.

CoRover's Additional Offerings

CoRover is the world's first and highest ROI-delivering human-centric conversational AI platform. 

Along with LIC, CoRover is providing chatbot solutions to numerous clients, including Max Life Insurance, Indian Railway Catering and Tourism Corporation (IRCTC), National Payments Corporation Of India (NPCI), Fastag, Mahindra Group, Digital India, RuPay, and more. 

With over 1 billion users, CoRover has established itself as a leading provider of chatbot solutions in India.

Conclusion

In conclusion, the collaboration between CoRover and LIC has brought forth a game-changing virtual assistant that is sure to revolutionize the way LIC interacts with its customers. 

LIC Mitra's ability to automate responses to customer queries in real-time will significantly enhance customer satisfaction, thereby making it a valuable addition to LIC's customer support services.

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RBI grants HDFC Bank 3-year relaxation for meeting PSL requirements after merger with HDFC ( Housing Development Finance Corporation Ltd ) and SEBI allows ownership change of HDFC AMC, providing more flexibility to HDFC Bank's mutual fund business.

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RBI grants HDFC Bank 3-year relaxation for meeting PSL requirements after merger with HDFC ( Housing Development Finance Corporation Ltd ) In April 2023, the Reserve Bank of India (RBI) announced that it has provided HDFC Bank with a relaxation of three years to meet Priority Sector Lending (PSL) requirements following its merger with Housing Development Finance Corporation Ltd (HDFC).  This move is significant as HDFC Bank is India's largest private sector lender and has been struggling to meet the mandated PSL targets due to its high exposure to the corporate sector. Understanding Priority Sector Lending (PSL) Requirements for Banks in India and the Recent Relaxation Granted to HDFC Bank PSL is a mandatory requirement for banks in India to lend a certain percentage of their loans to specific sectors like agriculture, micro and small enterprises, education, and housing.  The RBI has set a target of 40% PSL for banks in India. With this relaxation, HDFC Bank can continu
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