The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
IFCI, say sources, owes nearly Rs 500 crore in debt to LIC, which has the option to convert it into equity and take its total stake from 8.4 per cent now to 49%. IFCI's proposed strategic sale has attracted expressions of interest from 10 entities.
The loan portfolio of banks has grown by Rs 54,908 crore (Rs 549.08 billion) till September 14, representing only 3.6 per cent growth. During the same period last year, banks had lent Rs 147,657 crore (Rs 1,476.57 billion), a rise of 10.5 per cent.
SBI Life, ICICI Pru have seen their valuations increase by 33 per cent and 35 per cent recently. SBI Life Insurance has seen its valuation soar after just 3 months while ICICI Prudential's valuation has increased in just 5 months.
Banks are facing increasing delinquencies by overleveraged mid-sized companies, now caught in hardships due to changes in their operating environment.
The high sum insured will allow the insurer the luxury of taking treatment in a deluxe room in premium priced hospitals and cover high-cost medical expenses for critical illnesses.
In their first step towards introducing a pension scheme based on defined contribution, public sector banks have in-principle decided to introduce such a scheme for new recruits in the officer cadre.
Manish Khera, chief executive officer, Fino, tells Shriya Bubna that the smart card technology platform of Fino can help banks cut operational costs by one-third and MFIs, but connectivity remains an issue.
Public sector banks have asked the Centre to intervene as talks with bank unions for allowing half of their employees a second chance to opt for pension instead of provident fund have reached a deadlock.
Insurance agents of all life insurance companies selling unit linked insurance plans will now show rate of returns ranging between 6 and 10 per cent to customers.
Prudential ICICI's managing director, Shikha Sharma, talks about how the journey has been so far and also why she thinks unit-linked insurance plans are the best allocators of long-term funds.
Central bank fears corporate credit is finding its way to the bourses.
Public sector banks, in a frenzy to cash in on the retail credit boom during the three years beginning 2003-04
Three to six month loan rate cut by up to 100 bps.
An increasing number of contractors managing parking lots at malls, multiplexes and five-star hotels are buying parking insurance covers
State Bank of India's investment kitty now includes Rs 300 crore (Rs 3 billion) worth of shares of its competitor and the second largest lender, ICICI Bank.
The Life Insurance Corporation has decided not to nominate any retired employee as a director on the board of the almost 90 companies in which it has equity or loan exposure.
The code of market conduct is being prepared under the aegis of the General Insurance Council (a self-regulatory body of the 12 non-life insurance companies) in this regard.
The finance ministry is having a relook at the entire financial sector regulations and legislations to determine how they compare with the global standards.
T S Vijayan has completed a year as chairman of insurance behemoth Life Insurance Corporation of India. In an interview with Business Standard, he speaks about the targets set by LIC, its plans to beat competition and overseas and future plans.
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