We REGRET the chances we didn’t take, not the ones we took and failed at !

An upswing in the banking sector in India is easy to decipher through its statistical increment in assets, deposits, and surging credit demand. From assets (Banking PSU’s) that stood at US$ 1,906.45 billion in FY19, they are expected to cross US$ 28.5 trillion in totality by FY25. Over 300 million accounts were opened under Pradhan Mantri Jan Dhan Yojana which held a deposit of more than USD15.17 billion in FY19. The subscriber base for Atal Pension Yojna crossed the 1.9 crore mark on Nov 19 as per PFRDA (Pension Fund Regulatory and Development Authority) and 15.56 lakh loans under the Mudra scheme.

India’s banking industry is on an upwards trajectory on account of strong macroeconomic fundamentals. The modifications in government policies and simplification of norms have made the sector attractive and at ease for participation by foreign banks. Digitization is the game-changer for the sector and has led to the emergence of new banking models such as payment banks and small finance banks. Retail banking in India is at the threshold of complete transformation as an average Indian now contributes to higher deposits and avails of bigger loans. Overall, the sector is filled with tremendous growth prospects.

The evolution of the banking industry and its complex framework is invariably accompanied by several risks and must use insurance as an appropriate risk transfer resolution. Prevalent threats such as bank frauds and crimes that form a part of the operational risks essentially need to be mitigated through appropriate insurance policies. Cyber risk, professional indemnity, and management liability are few others that are to be adequately covered. It necessities to safeguard the situation against changing policies, fiscal deficit impact, liquidity risk, risk of settlement, interest rate risk, foreign exchange risk, and many other such risks.

We at EPOCH are a team of professionals who specialize in analyzing and evaluating the credit & operational risks and suggest an insurance strategy that can ensure smooth business operations with adequate insurance at a competitive premium. We are proficient at designing long-term policies and structured affinity products as per the requirements of individual banks. We study the impact of changing norms and policies on the calculated risks and balance them accordingly to see that you are always covered adequately. EPOCH business principal is “ON TIME EVERY TIME” and you can count on us to sail over the maze-like claim process and trust we are standing by your side as end-to-end support.