MONEY & BANKING
LIFE INSURANCE
LIC launches policy for high income groups
THE Life Insurance Corporation of India has introduced the `Jeevan Pramukh' policy targeting high-income groups. An endowment policy with a limited payment of premium for short term, it guarantees additions at the rate of Rs 50 per thousand sum ...
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Kotak Life hikes share capital
KOTAK Mahindra Old Mutual Life Insurance Ltd (Kotak Life) has increased its share capital by Rs 20 crore. A press release from the company said its promoters Kotak Mahindra Bank and Old Mutual have infused the funds to increase the share ...
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Bajaj Allianz Life to expand product range
BAJAJ Allianz Life Insurance has decided to expand its basket of unit-linked products, beginning with a scheme specially designed for women. It also plans to focus on health insurance in line with what has been desired by the insurance ...
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Sun Life has long-term plans for tech centre
SUN Life Financial, Canada's largest life insurer, may consider setting up a technology centre here. Even though the company, which runs life insurance and asset management businesses in India with the Aditya Birla group, is weighing its ...
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Tata AIG Life first premium income up 72 pc
TATA AIG Life Insurance Company has said that its first premium income rose 72 per cent to Rs 108.6 crore in the first half of the current fiscal year. During the corresponding period of the previous year, the company had reported a first premium ...
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GENERAL INSURANCE
NIC premium income up 26 pc in first half
NATIONAL Insurance Co (NIC) has emerged as the largest general insurer in the country, based on its half-yearly results. Figures collated by IRDA (Insurance Regulatory and Development Authority), suggest that the Kolkata-based company has emerged ...
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PRIVATE BANKS
Centurion Bank in Thodupuzha
KOCHI: Centurion Bank has opened an extension counter at Thodupuzha. Speaking at the inauguration, Mr U.K. Sethumadhavan, Southern Regional Head of the bank said: "We have received tremendous support from our customers in south over the ...
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INTEREST RATES
IndusInd Bank raises deposit rates; UTI Bank may follow suit
THE good news is that interest rates on deposits are finally starting to inch up. The bad news is that not all banks are prepared to pay more on deposits just yet. The private sector IndusInd Bank is the first to announce a 10-25 basis point ...
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GOVT BONDS
Bonds shed gains; call rates spurt
MUMBAI: Bond prices improved by nearly 20 paise in the early sessions on Tuesday - sentiment picked up with oil prices sliding below $50 per barrel - before they ended almost flat, dealers said. Liquidity fears brought the market ...
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FIXED DEPOSITS
Federal Bank NRE rates
KOCHI: Federal Bank on Tuesday announced a revision of its NRE term deposit interest rates. NRE term deposits of 1 to 2 year tenure will henceforth command an interest rate of 3.10 per cent, 2 to 3 years will command 3 per cent and ...
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MERGERS & ACQUISITIONS
Foreign ownership of banks: Can it create more Tirupurs?
THE policy on foreign ownership of banks continues to dominate the headlines. Last week, the Finance Minister announced that the Government would allow a creeping increase — at the rate of 10 per cent every year. Over a period of time ...
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Going for 3, 4-way mergers!
THE chief executives of public sector banks are faltering hopelessly in elementary mathematics. After dutifully repeating the equation `one plus one is equal to one' in the Finance Ministry-Reserve Bank of India organised classroom for mergers, ...
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ECONOMIC OFFENCES
DRI(Hyd) seizes foreign currency
HYDERABAD: The Directorate of Revenue Intelligence (Hyderabad), has seized assorted foreign currency equivalent to Rs 22.37 lakh and arrested a Dubai bound passenger at the Hyderabad airport. The passenger who boarded IC 951 at Chennai ...
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PEOPLE
Shyamala Gopinath in charge of monetary policy
THE RBI Deputy Governor, Ms Shyamala Gopinath, has taken charge of the central bank's Monetary Policy Department, effective November 1. Ms Gopinath will also be responsible for the Internal Debt Management Department and Department of External ...
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TRENDS
Set-off against IFR funds, amortisation over years — Banks seek reliefs on treasury losses
PUBLIC and private sector banks have approached the Reserve Bank of India for amortising losses incurred on their bond portfolios. According to banking sources, The Fixed Income Money Market and Derivatives Association (FIMMDA) approached the ...
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Cross Currency Rates
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