The Hindu Business Line : Thursday, February 24, 2005

Eligibility limit for special discount raised to Rs 15 cr — IRDA revises norms on broking commissions
The Insurance Regulatory and Development Authority (IRDA) has revised the norms for special discount in lieu of agency commission and remuneration to direct insurance brokers and insurance agents. The new norms, which supercede the IRDA ... More

LIFE INSURANCE

LIC first premium growth at 35 pc
THE Life Insurance Corporation of India has sold more than 15.46 million individual policies during April 2004 to February 15, 2005. It has collected more than Rs 6,825.43 crore in first premium, posting a growth of more than 35 per cent. On ... More

Max NY Life in pact with YES Bank
MAX New York Life Insurance Co (MNYL) hasannounced a bancassurance partnership with YES Bank. Mr Dennis Pedini, Chief Executive Officer, MNYL, and Mr Rana Kapoor, Managing Director, YES Bank, signed on Wednesday the agreement under which Yes ... More

GENERAL INSURANCE

Disaster insurance for fishermen proposed
THERE is an urgent need to introduce special disaster insurance schemes for the sake of fishermen, as many of the occupational hazards in this traditional avocation are not covered in the present schemes, according to the Deputy Director, Bay of ... More

PRIVATE BANKS

Bank of Punjab to issue fresh shares to four investors at Rs 38
BANK of Punjab today said that it is issuing fresh equity shares to various investors including The Bank of Nova Scotia, Canada and Bharti Enterprises Pte Ltd at Rs 38 per share. In a notice to stock exchanges, the bank said that its board has ... More

PUBLIC SECTOR BANKS

United Bank upset over `autonomy exclusion'
UNITED Bank of India (UBI) is upset that it has been kept out of the purview of the autonomy package as announced by the Government on Tuesday. "We fulfil all the parameters set by the Government to be eligible for the autonomy," according UBI ... More

Vijaya Bank branch at Chirala

MERGERS & ACQUISITIONS

IDBI asked to extinguish 2.5 per cent Bank shares
THE Centre has asked IDBI to extinguish the 2.5 per cent stake the institution holds in IDBI Bank, which was proposed to be held in a separate trust following the merger between the two entities. Earlier, the institution had decided to ... More

TRADE & LABOUR UNIONS

Bank strike on March 22
THE United Forum of Bank Unions has called for a one-day bank strike on March 22. Mr C.H.Venkatachallam, General Secretary, All India Bank Employees Association, said, "The strike is being called to protest the Union Government's proposal to ... More

ALLIANCES & JOINT VENTURES

ECGC, IOB in pact
EXPORT Credit Guarantee Corporation of India Ltd (ECGC) has signed its 11th Corporate Agency Agreement with Indian Overseas Bank in Chennai to market export credit insurance products through the network of the bank's branches. The agreement ... More

Raj Travels ties up with SBI
IN an effort to expand its client base and to tap into a larger market segment, Raj Travels & Tours Ltd has tied up with State Bank of India (SBI) to offer loans for travel. The loans, called `SBI Easy Travel Loans,' are targeted at ... More

OUTLOOK

What banks wish for in the Budget
OCCASIONAL shocks such as Citizens Co-operative Bank and GTB apart, banks have never failed to be in the news whenever there were utterances about consolidation and divestment. Though what usually matters more to the banking sector is the ... More

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