The ensuing liquidity crisis has prompted many MFIs to seek a moratorium on loan repayment to banks.MFIs raise 75-80 per cent of their funds via bank borrowings, 15 per cent from equity and another 10 per cent from other sources like cash securities.
Stung by the controversy over the sudden sacking of the Managing Director at India's largest microfinance institution, SKS Microfinance, lenders have decided to raise corporate governance issues at board meetings of other MFIs.
Mapping of spreads means effective rates in the base rate system are lower.
The Insurance Regulatory & Development Authority (Irda) is planning to cap the charges on universal life policies, or ULPs. These have almost replaced unit-linked insurance plans (Ulips) in terms of new business. Ulips, which used to account for around 80 per cent of the segment, lost their sheen after the regulator brought in stringent norms from September 1.
In an effort to grab a share of the hefty Diwali bonus to employees in government and corporate sector, country's largest lender State Bank of India may raise the interest rate on term deposit rates in next few days.
After having failed to stump up the cash for an event cancellation policy of Rs 713 crore (Rs 7.13 billion), the organising committee of the Commonwealth Games in Delhi has decided to take a limited cover, with a total sum assured of Rs 140 crore (Rs 1.4 billion).
Customers can meet in the Sapphire conference room, put away their valuables in the Topaz locker room and freshen up in the Opal dressing room.
The development comes a day after a shootout near Delhi's Jama Masjid, which left two Taiwanese tourists injured, prompted authorities to place both New Delhi and Mumbai on red alert.
By packaging rates and stabilising costs, insurers expect to cut expenses.
Slum rehabilitation projects, increase in FSI trigger frantic activity by funds.
India's insurance industry is set for a makeover as it seeks to survive and grow in a changed environment that dawned on September 1. With a three-month spat over who will regulate unit-linked insurance plans (Ulips) settled, the Insurance Regulatory & Development Authority (Irda) in July announced sweeping changes to the way insurance companies do business.
The new rules of the Insurance Regulatory and Development Authority take effect from September 1.
After doing business at very high costs for a decade, the life insurance industry will have to ensure greater volumes.
The Insurance Regulatory and Development Authority (Irda) has stuck to its guns on returns from unit-linked pension plans. Despite several representations from the industry, the regulator has decided that insurers will have to provide guaranteed returns of 4.5 per cent on gross premiums until March 11, 2011.
The proposed change would give policyholders the flexibility to switch their insurers, with the benefits of pre-existing diseases covered from the first year of shifting to a new company. At present, pre-existing diseases are covered only after the completion of four years of a policy.
Following recent changes to the guidelines for unit-linked insurance plans, companies are likely to focus more on single-premium products.
A senior bank official said the preliminary report would come in three months.
New returns norm may push us off business, say insurers
Apart from paying ransom, the policy also takes care of the reward money, personal accident, cosmetic surgery and legal expenses.
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