In a few months, private sector lender IndusInd Bank may have a new identity. The move was in line with the repositioning exercise initiated by the new management team led by Managing Director and Chief Executive Officer Romesh Sobti.
Shares of ITC, Axis Bank and Larsen & Toubro are likely to stay with the Specified Undertaking of the Unit Trust of India, which was to be wound up in June.Legal opinion received by the government suggests that SUUTI can exist as long as all investors in one of the schemes floated by the erstwhile Unit Trust of India have not redeemed their investment, sources close to the development said. The value of the shares of the three blue chips was estimated at over Rs 15,000 cr.
What's worrying for the public sector banks is the rise in delinquency in the housing portfolio, which does not include real estate. But a bank chief said that with low exposure to the real estate sector, the state-run banks have fewer worries. The other area of concern is credit cards but the operations of public sector banks in this segment are small compared with the likes of ICICI Bank, HDFC Bank and Citibank, the largest players in the business.
Premium rates for fire, engineering and motor policies may rise in the coming months as non-life insurance companies are anticipating reinsurance commission rates to fall when they come up for renewal in March.
Less than half-a-dozen people have evinced interest in buying the eight apartments owned by the late Harshad Mehta and his family, partly due to a last-minute case filed by the stockbroker's mother, Rasila S Mehta.
With the rising cost of health cover, insurance companies are looking at innovative products to attract customers. The latest offering is top-up insurance that comes at almost half the premium.
In a possible precursor to further rate cuts, Finance Minister Pranab Mukherjee's meeting with public sector bank chiefs on Monday will review their benchmark prime lending rates and interest rates on loans for automobiles, homes, small and medium enterprises and non-banking finance companies.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
Satyam Computer's $75 million Directors and Officers insurance is unlikely to provide a cover against claims arising out of irregularities committed by the company's founder B Ramalinga Raju.
Sixteen years after the stock market scam orchestrated by Harshad S Mehta, the custodian has put up eight apartments in a complex called Madhuli, which is occupied by his family in upscale Worli, for sale.
According to the action plan finalised by the General Insurance Council, the industry lobby for non-life insurers, the portable health cover will be available for a period of three years initially. Depending on the feedback in terms of claims ratio, the insurance companies will take a call on whether to extend the cover. Also, the scheme will be open to only those in the age group of 18-40.
The move comes a month after three-day terrorist attacks in Mumbai on November 26 left at least 183 people dead and thousands wounded. A source close to the development told Business Standard that following 26/11, as the terror attacks came to be called, reinsurance rates have hardened in the global markets.
The Life Insurance Corporation of India, the country's largest insurer, is pulling out all stops to mop up Rs 25,000 crore (Rs 250 billion) through Jeevan Aastha, a single-premium product which offers at least 9 per cent guaranteed returns, in an attempt to reverse the trend of falling sales.
Most mutual fund players and life insurance companies are planning to bid for appointment as pension fund managers for all citizens after the Pension Fund Regulatory and Development Authority (PFRDA) today decided to seek expression of interest from prospective fund managers.
Move to provide insurance up to Rs 1,000 cr from Rs 750 cr now.
Paresh Parasnis, HDFC Standard Life Insurance Company's principal officer and executive director spoke to Shilpy Sinha & Sidhartha about the company's strategy.
The regulator has asked the insurance companies to disclose their investment details for the September-November period of the current year. While seeking the information earlier this month, Irda had warned that insurers failing to submit the data would face penal action.
With the Rs 7,000-crore (Rs 70 billion) refinance window, micro, small and medium enterprises (MSMEs) will not face any fund crunch, says Sidbi Chairman and Manging Director R M Malla.
At a time when financial institutions are in the process of cutting costs through retrenchment, the country's largest insurer, Life Insurance Corporation of India, has drawn up plans to hire over 10,000 employees and around 250,000 insurance agents across the country.
With terror attack claims likely to wipe out over 70 per cent of the Rs 700-crore (Rs 7 billion) terror pool, insurers are expected to chip in with additional funds to replenish the corpus and raise the premium paid for terrorism insurance.
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