News eDaily16 Aug 2017

India:LIC aims to go cashless with POS machines

16 Aug 2017

State-owned Life Insurance Corporation of India is going to turn cashless in its operations as it plans to introduce Point Of Sale (POS) machines in all its offices across the country. This will be followed by the distribution of the machines to all agents for them to collect money from policyholders.

A senior official at the divisional level said that at present the machines are in use only in metro offices across the country, and that too on a pilot basis, reported The Times of India.

There has been longstanding criticism that the insurance giant has not moved fast enough in the area of digital payments.

Despite demonetisation last November that forced many organisations to turn to cashless transactions, LIC offices are accepting only cash in the traditional way in the payment of premiums.


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