LIC Joins With Paytm To Handle Digital Payments

21 April 2021 Current Affairs:Life Insurance Corporation of India has appointed homegrown repayments player Paytm to facilitate its digital payments. Following a tie-up with another charge gateway earlier, the country’s biggest existing insurer has sought a new deal as the majority of its payments have moved to digital modes.

♦ The new agreement requires a handy price process, a broader range of charge options, and more players (wallets, banks, etc) in payment channels. LIC has seen an upsurge in e-payments following the COVID-19 pandemic. The ♦ Public Sector Unit insurer collects premiums really worth Rs 60,000 crore via digital mode, which doesn’t comprise repayments made thru banks.
♦ LIC Chairperson: M R Kumar;
♦ LIC Headquarters: Mumbai;
♦ LIC Founded: 1 September 1956;
♦ Paytm HQ: Noida, Uttar Pradesh;
♦ Paytm Founder & CEO: Vijay Shekhar Sharma;
♦ Paytm Founded: 2009.

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