Reliance Life to tie up with banks to distribute products
Primarily trained for a career in FMCG, he shifted to insurance when the opportunity came his way.
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
Unlike the traditional model of paying commission to insurance agents on the basis of the business generated by them, the rural agents would be recruited under this new programme on a fixed income structure, the company said.
HDFC Life, which posted a consolidated net profit of Rs 281.83 crore (Rs 2.81 billion) for the quarter ended June compared with Rs 11.92 crore (Rs 119.2 million) in corresponding period last year (according to HDFC's first quarter results), has diversified its distribution mix.
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The regulator has put a cap on the business a bank can get from a single insurer.
Visa and 20 insurance companies in India have joined forces to make paying life and general insurance premiums "faster and easier" through a range of new payment options for Visa cardholders
While most analysts had valued Reliance Capital's stake in Reliance Life Insurance at Rs. 285 per share, or about Rs. 7,000 crore, this deal values it at Rs. 468 per share of Reliance Capital, which is a huge premium.
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
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Indian drug companies, which have introduced copies of biotechnology drugs in the country, are bullish over the marketing prospects of 'biogenerics' after patents expire in developed markets. Experts say Indian companies may not repeat the success they achieved in selling generic medicines in biogenerics. The cost of clinical trials and the absence of substitutability will ensure that only those with deep pockets to launch such products globally will succeed, they feel.
The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
Pvt life insurers are planning to foray into health covers, with standalone health insurance policies.
While company executives refused to divulge further details, industry sources said that Reliance has earmarked a huge area in the SEZ for the project.
Reliance Life's virtual office has become the focal point of real-time interactions for its customers, agents and employees. It offers consumers the ability to review insurance claims and manage their plans; perform online transactions, such as ordering policies; access a consolidated, interactive snapshot of their retirement plans; and receive personalised health and investment news.
Reliance HR Services (RHRS), a human resources company formed by the Reliance Anil Dhirubhai Ambani Group (ADAG), will recruit half a million people for the group in the next four years.
Not all companies are generous with numbers these days - they're willing to share details of their core operations, but many of them are reluctant to let shareholders get even a glimpse of newer ventures
Reliance Pharmaceuticals, the proposed pharmaceutical manufacturing company promoted by Mukesh Ambani's Reliance Life Sciences, will soon rope in a consultant to give final shape to the project, slated to take off within two years.
Competing with established biotech companies in India such as Wockhardt, Biocon and Reliance Life Sciences, small biotech companies such as Zenotech, BV Biocorp and Intas Biopharma are likely to emerge as major players in biogeneric drugs.
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Anmol, who has a degree from Warwick Business School in the UK, has also been visiting branches and meeting employees across businesses in different regions to get exposure and detailed understanding of businesses at grass-root level in the past two years
Thirty-two-year-old Sudhir Kumar Chaudhary, who has devoted his life to Sachin Tendulkar, has vowed to cheer the Indian cricket team wherever it plays in India.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
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"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
The new executive director of Reliance Capital has big shoes to fill in every way.
It might be a cheaper option, but lack of clarity is choking its growth
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Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
Cost is not the only factor that one should look at. It's best to keep investment and insurance apart
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