Under its IT/ITeS SEZ development plan, Electronic Corporation of Tamil Nadu (Elcot) is setting up nine IT SEZs in Tamil Nadu, developing 1 million sq ft space at an estimated cost of Rs 28,000-30,000 crore (Rs 280-300 billion) - one each at Perumbakkam village and Sholinganallur near Chennai, two in Madurai, and one each at Tiruchirapalli (Trichy), Krishnagiri, Salem, Coimbatore and Tirunelveli.
Exim Bank of India Chairman and Managing Director T C Venkat Subramanian revealed that the bank has good exposure in highly export-intensive sectors. The bank has seen considerable increase in loan approvals and profit after tax. It provides financing both in foreign currency and Indian rupees. The bank will push exports from rural areas and explore untapped areas. Subramanian believes microfinancing model was ideal for villages as it reaches the indigenous rural people.
FM's decision to make PAN card a neccessity for financial transactions has worried life insurers, who will find it difficult to tap rural India with this requirement.
Chennai and Ennore ports are set to become hub for car exports from South India. After Hyundai, the two ports have started attracting global manufacturers like Renault SA, Nissan, and Ford.
The rapidly growing banking, financial and services industry sector in India is expected to create about a million jobs every year for the next five years
After developing bancassurance channels, which banks use to sell insurance products, the latest buzzword among insurance companies is "shopassurance" - selling insurance through supermarkets and retail chains.
Most policies attached to co-branded cards to lure customers.
Insurance companies are banking in on health insurance, as it promises to be Rs 25,000-cr industry by 2010.
This year, at least eight public sector banks are set to scrap their existing Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka Bank, Allahabad Bank, Indian Overseas Bank, Bank of Maharashtra and Federal Bank.
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