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Written by Site Administrator
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Wednesday, 14 October 2009 10:12 |
World Bank will give India a loan of $4.2 billion developing its infrastructure and to recapitalize the public sector banks. This loan is being offered as per the G20 mandate to support developing nations to sustain growth by pumping financial aid into various areas of that can stimulate sustainable development.
Of the amount being offered (Rs. 20,000 crores), India plans to use $2 bn to recapitalize banks, $1.195 will be pumped into infrastructure development, and $1 bn will be used for power grid.
These funds are expected to neutralize the negative effects of the recent global economic crisis on Indian Economy and put it back on track of recovery, stability and sustainable growth. The money being pumped for recapitalization of banks is likely to give enough room for Indian Economy to plan for the futre ahead. |
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Written by Site Administrator
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Tuesday, 13 October 2009 10:44 |
Regulator of the Insurance sector in India, IRDA is looking into the option of allowing banks to tie-up with two or three insurance companies to sell their insurance products. As of now, banks are allowed to sell insurance products of only one insurance company.
There have been several requests by Insurnace Companies to relax the present rule of tie-up with only one bank. A seven member committee of IRDA is set up to study the existing framework of tie-up and recommend a new structure to accommodate the modifications required. The committee will look at the operational feasibility of the changes required keeping in mind the general interests of a policyholder.
A member of IRDA is reported to have said that they would like to test it by initially allowing banks to have tie-ups with two or three banks. If it works out fine, they would then revisit the concept.
This distribution model via banks is commonly referred to as ‘Bancassurance’. |
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Last Updated on Tuesday, 13 October 2009 19:41 |
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Written by Site Administrator
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Tuesday, 13 October 2009 10:29 |
The Additional Secretary, Ministry of Finance, G. C. Chaturvedi, launched the Central Bank of India’s new prepaid gift card.
These cards allow consumers to load them first with an amount between Rs. 500 to Rs. 50,000 and then use it for shopping at retail outlets and Malls that accept Mastercard. In addition online transactions can also be made using this card. Orders such as Mailt Order Telephone Order (MOTO) are also possible with this card.
Looks like a good alternative for the conventional Debit and Credit Cards that are meant to be used by the rightful owner only. |
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Last Updated on Tuesday, 13 October 2009 19:46 |
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Written by Site Administrator
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Tuesday, 13 October 2009 10:10 |
SIBL reported a net profit of 40.42 per cent at Rs 72.57 crore for the quarter ended September 2009. Total income increased to Rs 534.36 crore in the quarter as against Rs 439.87 crore in the same quarte in the previous fiscal.
Its strategy including issuing subordinated Lower Tier-II bonds during the quarter. SIBL plans to increases its total branches to 575 by adding 20 new branches in the next half year.
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Written by Site Administrator
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Tuesday, 13 October 2009 10:09 |
India’s private lender, Axis Bank has reported a rise in profit of 32% in the quarter ending September 2009. Its net profit at Rs. 531.64 crores.
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