Corporation Bank on Thursday launched a new service aimed at assessing the financial health of individuals. Inaugurating the new service, ?Financial Health Check-up and Invest Shoppe?, TS Vijayan, chairman, Life Insurance Corporation of India (LIC), said, the bank has addressed most financial needs of individuals but it must also strive to offer services in the area of housing, which continues to be a major concern for those living in cities like Mumbai.
The financial health check up service aims to assess existing investments of individuals and offer investment advisory, depending upon various parameters like risk-appetite, age, and financial needs current and future.
The bank has tied-up with 13 mutual funds, two insurance companies, LIC, and New India Assurance, besides on-line and off-line equity trading through broking arrangements with IL&FS, UTI Securities, and Reliance Money. ?We are now in the service of converting incomes to wealth. The services are for individuals who are either too busy or don?t have access to experts,?? said B Sambamurthy, chairman and managing director of Corporation Bank said.?We have noted the need for providing a service for home-seekers and will launch the same soon,? he said.
Through such services, the bank also envisages some shrinkages in its deposit base. ?But the banks? income will not be hit due to their tie-ups with providers of such financial services,? he said.