Saturday, August 29, 2009
export growth at 15%
In the trade policy for 2009-14 the government has set the target of export growth at 15%For first two year and at 25% per annual in the last three years
Wednesday, August 26, 2009
ICICI BANK LAUNCHES iMOBILE
iMobile is a breakthrough innovation in banking where practically all internet banking transactions can now be simply done on mobiles phones. iMobile is a small software called Rich Client Based Application, that is downloaded on your mobile phone. When installed on your phone, it embeds the ICICI Mobile Banking option on your phone menu. The application covers Savings Bank, Demat, Credit Card and Loan accounts. We continually add services on the application which are made available through an upgrade link available within it.
You can pay your utility bills and insurance premium through this facility. Place service requests and access the help menu for further information on your mobile. ICICI Bank offers this facility free* of charge to customers.
iMobile ensures security through secure authentication. To access your account using your mobile phone without using 'key words', download iMobile. Choose the most convenient route to download iMobile on your handset
You can pay your utility bills and insurance premium through this facility. Place service requests and access the help menu for further information on your mobile. ICICI Bank offers this facility free* of charge to customers.
iMobile ensures security through secure authentication. To access your account using your mobile phone without using 'key words', download iMobile. Choose the most convenient route to download iMobile on your handset
Tuesday, August 25, 2009
IDBI Fortis Life to pay claim in case of swine flu death
Mumbai: IDBI Fortis Life Insurance will clear the claims of next of kin if any policyholder died of swine flu, a top company official said, despite the disease not being listed as one of those for which such a payment can be made."Insurance will be given in the case of death due to the H1N1 virus even though the disease has not been mentioned at the time of buying the policy," IDBI Fortis Life Insurance Managing Director and Chief Executive Officer G V Nageswara Rao said in Mumbai.The company has listed 17 diseases for which policyholders can claim insurance and swine flu is not on the list, he said. Despite this, the company will pay if any policyholder died of swine flu.However, the disease will continue to be out of the firm's policies, Rao said. IDBI Fortis Life Insurance is a joint venture between IDBI Bank, Federal Bank and Europe-based bancassurer Fortis. IDBI Bank holds a 48 per cent stake while Federal Bank and Fortis hold a 26 per cent each in this venture. The company, which earned Rs 319 crore as first-year premium last fiscal, is bullishabout its growth during this fiscal. "We are in the growth phase," Rao said
Monday, August 24, 2009
No more than Rs 10k from other ATMs
NEW DELHI: RBI has put a cap on third-party ATM withdrawal (When a cardholder is using other bank’s ATM) at Rs 10,000 per transaction and also limited the number of such transactions to five in a month. For more than five third-party transactions in a month, one has to pay Rs 20 per transaction. However, there will be no such limit when a cardholder is using his/her own ATMs.
A senior official, who heads the ATM operation of a private sector bank, said the new scheme will be effective from October 1, 2009. RBI has already made all ATM transactions, including third-party ones, free of any extra charge. This has led to increase in the number of transactions taking place at third-party ATMs. The banker said that many customers started misusing the provision by withdrawing small amounts — even Rs 100 and that too almost almost daily.
Your bank pays around Rs 20 per transaction to the other bank when you use its ATM to withdraw money. Even if you withdraw Rs 100 from any other ATM, your bank pays Rs 20 to that bank. This increases cost of operations for banks substantially.
So, banks requested RBI to put a cap on the number of third-party withdrawals. Banks had also asked for a minimum withdrawal amount of Rs 1,000 for third-party transaction. But, RBI did not accept this demand as it would have affected small depositors.
A senior official, who heads the ATM operation of a private sector bank, said the new scheme will be effective from October 1, 2009. RBI has already made all ATM transactions, including third-party ones, free of any extra charge. This has led to increase in the number of transactions taking place at third-party ATMs. The banker said that many customers started misusing the provision by withdrawing small amounts — even Rs 100 and that too almost almost daily.
Your bank pays around Rs 20 per transaction to the other bank when you use its ATM to withdraw money. Even if you withdraw Rs 100 from any other ATM, your bank pays Rs 20 to that bank. This increases cost of operations for banks substantially.
So, banks requested RBI to put a cap on the number of third-party withdrawals. Banks had also asked for a minimum withdrawal amount of Rs 1,000 for third-party transaction. But, RBI did not accept this demand as it would have affected small depositors.
Friday, August 21, 2009
HDFC Bank slashes India's FY10 growth outlook to 5.8 pc
NEW DELHI: HDFC Bank has slashed India's growth outlook for the current fiscal to 5.8 per cent from its earlier projection of 6.5 per cent because
of the deficient monsoon.
"Kharif sowing picking up but likely to be lower than last year. (We) see agricultural output falling by 3 per cent in 2009-10 against previous forecast of 3 per cent growth," the bank said in a research report.
The outlook of a negative growth in agriculture comes on the back of the Indian Meteorological Department's revised rainfall forecast and uncertain impact of mitigants such as ground water harvesting and modification of cropping patterns.
"Reports of expected reduction in kharif output of up to 10 per cent have prompted us to revise our agricultural growth forecast lower," the bank said.
However, it said price impact of a deficient monsoon can be reigned in by drawing down food stock buffer, extension of tax-free sugar imports, limits on grain exports and crackdown on hoarding.
Finance Minister Pranab Mukherjee today reiterated there would be no exports of foodgrains from the country at a joint meeting of state agriculture ministers on drought here.
Though the bank's agricultural outlook has come down, its impact on India's overall growth forecast has been partially mitigated by the rise in forecasts for growth in industry and services for the current fiscal.
of the deficient monsoon.
"Kharif sowing picking up but likely to be lower than last year. (We) see agricultural output falling by 3 per cent in 2009-10 against previous forecast of 3 per cent growth," the bank said in a research report.
The outlook of a negative growth in agriculture comes on the back of the Indian Meteorological Department's revised rainfall forecast and uncertain impact of mitigants such as ground water harvesting and modification of cropping patterns.
"Reports of expected reduction in kharif output of up to 10 per cent have prompted us to revise our agricultural growth forecast lower," the bank said.
However, it said price impact of a deficient monsoon can be reigned in by drawing down food stock buffer, extension of tax-free sugar imports, limits on grain exports and crackdown on hoarding.
Finance Minister Pranab Mukherjee today reiterated there would be no exports of foodgrains from the country at a joint meeting of state agriculture ministers on drought here.
Though the bank's agricultural outlook has come down, its impact on India's overall growth forecast has been partially mitigated by the rise in forecasts for growth in industry and services for the current fiscal.
Thursday, August 20, 2009
INTEREST RATES TO GO UP
The country’s largest private sector lender ICICI Bank today said lending rates will start going up any time now, quite contrary to the SBI Chairman’s projection that borrowers can breathe easy till Diwali.
“I really believe that interest rates are not going to go down from here. Gradually they would go up. When? Would really depend on how fast the credit growth takes place”, ICICI Bank CEO and Managing Director Chanda Kochhar said.
Her statement comes a day after SBI Chairman O P Bhatt said that rates would not rise till Diwali and may even soften by 25-50 basis points before the busy season in October.
In April, ICICI Bank was the first to reduce lending and deposit rates by 50 basis points after announcement of the annual credit policy by the Reserve Bank of India (RBI).
Replying to questions on impact of the large government borrowing on the financial system, Kochhar said, “The amount is large. I don’t think that amount is small. It does have its own impact on interest rates and financial system. I am sure there is a thought behind it.”
In order to step up expenditure to stimulate the economy reeling under the impact of the global financial meltdown, the government decided to raise Rs 4.51 lakh crore through market borrowings this fiscal, up from Rs 3.1 lakh crore in 2008-09.
Expressing concern over the high government borrowing, RBI Governor D Subbarao had recently said that it was impairing the ability of the central bank to further lower the interest rates through monetary measures.
Pointing out that there is more clarity on the market borrowing programme of the government, Kochhar said, “What will happen to the interest rates. Is more dependent on how the credit growth picks up. As far as the government borrowing is concerned, now that there is so much clarity. The market has already built in whatever the impact will be.”
The centre has decided to borrow 70 per cent of its requirement during the first half, she said, adding that the important message that the government gave out was that it would bridge the revenue-expenditure shortfall, if any, by raising taxes and not through more borrowings.
Moreover, she added, “The private sector plans depend not so much on government borrowing. Their plans depend more on their own performance. And their belief... To raise debt and equity.”
The data for the last three months indicate improvement in capacity utilisation by India Inc, Kochhar, ranked the world’s 20th Most Powerful Woman by Forbes, said and added that since the commodity price correction, these people are coming back to restart their projects.
“I really believe that interest rates are not going to go down from here. Gradually they would go up. When? Would really depend on how fast the credit growth takes place”, ICICI Bank CEO and Managing Director Chanda Kochhar said.
Her statement comes a day after SBI Chairman O P Bhatt said that rates would not rise till Diwali and may even soften by 25-50 basis points before the busy season in October.
In April, ICICI Bank was the first to reduce lending and deposit rates by 50 basis points after announcement of the annual credit policy by the Reserve Bank of India (RBI).
Replying to questions on impact of the large government borrowing on the financial system, Kochhar said, “The amount is large. I don’t think that amount is small. It does have its own impact on interest rates and financial system. I am sure there is a thought behind it.”
In order to step up expenditure to stimulate the economy reeling under the impact of the global financial meltdown, the government decided to raise Rs 4.51 lakh crore through market borrowings this fiscal, up from Rs 3.1 lakh crore in 2008-09.
Expressing concern over the high government borrowing, RBI Governor D Subbarao had recently said that it was impairing the ability of the central bank to further lower the interest rates through monetary measures.
Pointing out that there is more clarity on the market borrowing programme of the government, Kochhar said, “What will happen to the interest rates. Is more dependent on how the credit growth picks up. As far as the government borrowing is concerned, now that there is so much clarity. The market has already built in whatever the impact will be.”
The centre has decided to borrow 70 per cent of its requirement during the first half, she said, adding that the important message that the government gave out was that it would bridge the revenue-expenditure shortfall, if any, by raising taxes and not through more borrowings.
Moreover, she added, “The private sector plans depend not so much on government borrowing. Their plans depend more on their own performance. And their belief... To raise debt and equity.”
The data for the last three months indicate improvement in capacity utilisation by India Inc, Kochhar, ranked the world’s 20th Most Powerful Woman by Forbes, said and added that since the commodity price correction, these people are coming back to restart their projects.
Wednesday, August 19, 2009
Aviva Life to hire 1,500 sales executive in 7 months
Aviva Life Insurance is planning to hire 1,500 sales managers and 13,000 sales agents in the next seven months in order to expand and improve their business prospects, according to Managing Director and CEO T R Ramachandran.
Currently, the company has an employee base of 7,000 with around 37,000 advisers. The company saw its business decline by 19 per cent in the first quarter of the current financial year compared with the corresponding period in 2008.
Ramachandran announced that the company would launch five new products in the current financial year, out of which three would be unit-linked insurance based products and the other two conventional insurance schemes. The company was also planning to sign contracts with two banks to form bank insurance models.
It has come out with a survey which has revealed that a majority of people give priority to their children’s education as against retirement, marriage or after death liabilities. Hence, the company’s major focus areas are microfinance products and products centered around child education.
The company launched one of its corporate social responsibility “street to school” programmes in partnership with two non- government organisations — CRY and Save the Children India.
In the first year, they will reach out to 20,000 children through nine projects in five states.
The company’s counterpart in the United Kingdom has committed $500,000 for the project over a period of three years, while employees of the organisation in India have volunteered to forego a day’s salary.
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