While banks are busy firming up business plans for 2008-09, some of them have already conveyed to the Reserve Bank of India about prospects of a moderation in the credit growth. In March, many banks held talks with RBI on resource conditions and growth prospects. In fact, Bank of India has already scaled down the estimate for the current financial year to 17-18 per cent compared with the 24 per cent rise it had targeted in the just-concluded financial year.
The move, if implemented, could change the way banks transact business. For starters, the loyal public sector bank customers could be the biggest gainers, with the Pay Commission recommending that government offices should stay closed only on the three national holidays -- Republic Day (January 26), Independence Day (August 15) and Gandhi Jayanti (October 2). All cheque clearances are expected to be faster and make money available in your accounts earlier than at present.
Rejects proposals by Bank of India, IndusInd, Kotak Mahindra and HDFC.
The Indian IT companies, which have been hitherto providing back office services (claims processing and others), are now planning to provide actuarial valuations. Genpact, one of the largest players in the property and casualty space has been in actuarial services since the last five years.
Insurance funds will soon start flowing to special economic zone projects, agro-processing and infrastructure projects, domestic satellite services and social infrastructure like educational institutions and hospitals.
L&T plans to launch as asset management company and has also collaborated with US based Travelers for a non-life insurance venture.
DSP Merill Lynch managing director Monish Mahurkar gives his take on the present Indian debt market and its future course in a wide-ranging interview with Business Standard.
RBI has come down heavily on banks and dealers that are holding government securities portfolio.
State Bank of India, ICICI Bank, Bank of Baroda and Bank of India are set to book mark-to-market losses on the exposures of their foreign offices to credit derivatives, with the spreads on these widening since international lenders turned risk-averse following the crisis in the US subprime (or high-risk home loan) market. Credit derivatives are instruments for which the underlying asset is a loan or a bond.
SBI tops the list of league table banks for fees earned on loan syndication in the Asia Pacific region.
During the probation period of six months, CAs will get a lump sum payment of Rs 50,000 a month.
Private insurers are planning to launch property title insurance covers in India soon. Foreign investment is therefore likely to enter the Indian real estate market.
General insurers violated IRDA norms on discounts. IRDA reveals plans for 2008
Insurance companies have started offering IT, IT-enabled services, business process outsourcing and non-manufacturing companies with policies due for renewal on January 1 discounts of more than 60 per cent.
The sub-prime mess has presented the foreign units of domestic banks with lucrative investment opportunities. Global banks, struck by a severe liquidity crunch and risk aversion, are selling a lot of their investments in debt of Indian companies at a discount.
The money mule scam has reached Indian shores. Banks have noticed instances of fraudsters based overseas, posing as global payment companies, luring gullible people into joining them as "money transfer agents" and using their bank accounts to route ill-gotten money.
The adverse impact of the rupee appreciation has gone beyond exports. The currency's climb is now affecting government infrastructure projects funded by multilateral lending agency such as the Asian Development Bank (ADB).
Seventy five per cent of the non-life insurance industry, which consists of fire, engineering and motor covers, was subject to rates prescribed by the Tariff Advisory Committee up to December 2006, irrespective of whether the risk was good or bad. The industry was partially detariffed on January 1, 2007, but the regulator restricted the discounts insurers could give to minimise the dangers of an irrational price war.
State Bank of India (SBI) is asking prospective partners for its general insurance foray to pay it Rs 300 crore (Rs 3 billion) to Rs 350 crore (Rs 3.5 billion) as entry premium, insurance industry sources said.
The Hinduja Group plans to enter the financial services space in India with a bang. Apart from plans to set up life insurance, non-life insurance and asset management companies, the group is also working towards areas such as wealth management, broking and portfolio management services. The group has finalised its partners for setting up a holding company, which will have three business arms offering wealth management, broking and portfolio management services.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances