MUMBAI, India, Sept. 28, 2022 /PRNewswire/ — DBS Bank India Limited at this time introduced that it has offered a bespoke Credit Insurance – Accounts Receivable solution to Tata Metaliks, a pioneer in manufacturing pig iron and DI pipes in India, in collaboration with HDFC ERGO General Insurance Co Ltd and reinsured by Atradius, a worldwide supplier of commerce credit score insurance.
This credit score insurance deal is amongst the primary to leverage Trade Credit Insurance. The revised framework was rolled out by the Insurance Regulatory & Development Authority of India (IRDAI) in November 2021, permitting banks to take part on this proposition.
DBS has confirmed international experience in managing Trade Credit options and is utilizing its international expertise to provide best-in-class options to prospects in India. Through the collaboration between DBS, HDFC ERGO and Atradius, this solution allows corporates to switch the danger of their account receivables onto an insurer whereas getting financing towards these insured receivables from a financial institution. Corporates can leverage this solution to remodel the credit score receivables, cut back threat and velocity up their money conversion cycle. The potential to improve gross sales to long-standing prospects of the corporates differentiates this solution from different financing propositions. Therefore, it’s a distinctive worth addition for companies.
Divyesh Dalal, Managing Director & Head, Global Transaction Services, DBS Bank India, stated, “We expect insurance-backed receivable discounting to grow into a key working capital management as well as a sales enablement tool for corporates in India. The solution will help treasurers to drive discussion around corporate customers where there is a need to structure the credit risk. In this endeavour, DBS has partnered with insurers like HDFC ERGO and Atradius to create an active trade credit insurance market in India. The deal is expected to ease the credit receivables for not just Indian corporates but also small and medium enterprises. It would help transform the trade landscape in India.”
Sanjay Kaw, President, Commercial Business, HDFC ERGO stated, “Following IRDAI’s guidelines for Trade Credit Insurance, we are delighted that DBS is one of the first movers in the Indian market, supporting financial transactions backed by Trade Credit Insurance. The policy protects the banks from a potential buyer default in case of funded receivables.”
Karishma Suvarna Gadia, Commercial & Sales Head, Atradius India, talked about, “Opening up of regulations on Trade Credit backed financing holds great opportunities; Atradius prides itself in being in the forefront to find solutions to best suit a client’s needs. We are happy to be associated with DBS to facilitate their working capital solutions.”
About DBS
DBS is a number one monetary providers group in Asia with 18 markets. Recognised for its international management, DBS has been named “World’s Best Bank” by Euromoney, “Global Banks of the Year” by The Banker and “Best Bank in the World” by Global Finance. The financial institution is on the forefront of leveraging digital know-how to form the way forward for banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. DBS was additionally ranked No. 1 on Forbes’ record of the World’s Best Banks in India for 2 consecutive years.
DBS Bank has been current in India for 27 years, opening its first workplace in Mumbai in 1994. DBS Bank India Limited is the primary among the many massive international banks in India to begin working as a wholly-owned, domestically integrated subsidiary of a number one international financial institution. DBS supplies a complete vary of banking providers for giant, medium and small enterprises and particular person customers in India. In 2016, DBS launched India’s first mobile-only financial institution, digibank, with ~1 million financial savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The financial institution now has a community of practically 600 branches throughout 19 states in India.
DBS supplies a full vary of shopper, SME, and company banking providers. As a financial institution born and bred in Asia, DBS understands the intricacies of doing business within the area’s most dynamic markets. DBS is dedicated to constructing lasting relationships with prospects and positively impacting communities via supporting social enterprises, because it banks on the Asian approach. It has additionally established an SGD 50 million basis to strengthen its company social duty efforts in Singapore and Asia. In 2020, DBS launched the “Towards Zero Food Waste” initiative as a part of a worldwide sustainability follow to encourage a shift in behaviours and mindsets to cut back meals waste.
With its intensive community of operations in Asia and emphasis on participating and empowering its workers, DBS presents thrilling profession alternatives. The financial institution acknowledges the eagerness, dedication and can-do spirit of our 30,000+ workers representing over 40 nationalities. For extra info, please go to www.dbs.com.
About HDFC ERGO General Insurance
HDFC ERGO General Insurance Company is a three way partnership between HDFC Ltd. and ERGO International AG; the first insurance entity of the Munich RE Group of Germany. HDFC ERGO is certainly one of India’s largest non-life insurance firms within the non-public sector. A digital-first firm, reworking into an AI-first firm, HDFC ERGO is a frontrunner in implementing know-how to provide customers the best-in-class service expertise. The firm has created a stream of revolutionary & new merchandise in addition to providers utilizing applied sciences like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), Robotics, and IBM Watson. HDFC ERGO affords a spread of normal insurance merchandise and has a totally digital gross sales course of with ~93% of retail insurance policies issued digitally. The self-help tech platform developed by HDFC ERGO has empowered the purchasers to avail 58% of the providers just about in a self-help mode on a 24×7 foundation with ~40% of the client requesting providers digitally.
The Company affords a whole vary of General Insurance merchandise together with Health, Motor, Two-wheeler, Home, Travel, Cyber, Agriculture, Credit, and Personal Accident within the retail area alongside with Property, Marine, Engineering, Marine Cargo, Group Health, and Liability Insurance within the company area. Be it distinctive insurance merchandise, built-in customer support fashions, top-in-class declare processes, or a bunch of technologically revolutionary options, HDFC ERGO has been in a position to delight its prospects at each touch-point and milestone to guarantee customers are serviced in real-time.
Please go surfing to www.hdfcergo.com for extra info on HDFC ERGO and the merchandise and providers provided by the Company.
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