Bancassurance, Circular economy, Wire Transfers and Plastic money

What Is Bancassurance?
Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell insurance schemes to the bank's clients. This partnership arrangement can be profitable for both companies. Banks earn additional revenue by selling insurance products, and insurance companies expand their customer base without increasing their sales force.

What is circular economy?

The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended.

In practice, it implies reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy wherever possible thanks to recycling. These can be productively used again and again, thereby creating further value.

What is Plastic Money?

Plastic money is your debit or credit card, although it can also refer to the wire transfers of funds from one bank to another.

What is Wire Transfer?

Wire transfer is an electronic way to transfer money. It is also known as bank transfer. Wire transfers have several advantages. This mode of transfer is fast and secure. 

A wire transfer happens from one bank to another. Wire transfers are used to send money abroad. They are also used to send money to India from abroad. The most common way of wire transfer is through the SWIFT or Society for Worldwide Interbank Financial Telecommunication network.