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Canara Bank launches loans for healthcare, savings accounts for women

Published on April 03, 2024
Current Context: On April 3, 2024, Canara Bank launched a healthcare-focused loan product called Canara Heal and a customized savings account for women named Canara Angel.
Canara Bank launches loans for healthcare, savings accounts for women
  • Canara Heal is designed to meet the shortfall in hospitalization expenditure while settling through TPA healthcare insurance claims of self and/or dependents.
  • The loan for meeting hospital expenses is available at 11.55% per annum on a floating basis and 12.30% at a fixed interest rate basis.
  • Canara Angel is a unique savings account for women with features like a Cancer Care policy, a pre-approved personal loan called Canara ReadyCash, and an Online Loan against term deposit product named Canara MyMoney.
  • It is free of cost for women while opening a savings account.
  • In addition, Canara Bank has also introduced a user-friendly payment interface ‘Canara UPI 123Pay ASI’ and ‘Canara HRMS Mobile App’ for the employees of the Bank.
  • The bank has become the first to provide seamless digital services to the homes of Self Help Groups (SHGs) in collaboration with the Reserve Bank Innovation Centre.
  • A Digital SHG Initiative named Canara SHG e-MONEY was launched, which will help customers to get instant digital credit in their accounts.

Question:

Q.1 What is the name of the healthcare-focused loan product launched by Canara Bank?
a. Canara Angel
b. Canara Heal
c. Canara ReadyCash
d. Canara MyMoney
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