Andhra Bank cuts interest rates on retail loans

The rate of interest has been reduced on housing loan from 11% to 10.50% up to Rs30 lakh, and above Rs30 lakh from 11.25% to 10.75%

Vijayawada: Andhra Bank has slashed its interest rates on retail loans, reports PTI quoting G Ravi Kumar, deputy general manager of the bank.
The rate of interest has been reduced on housing loan from 11% to 10.50% up to Rs30 lakh, and above Rs30 lakh from 11.25% to 10.75%, on mortgage loans from 16% to 15.50%, and on cars from 12.25% to 11.50%.
The bank targets Rs300 crore retail loans from Krishna district in this financial year, including Rs100 crore worth of housing loans, Rs50 crore for car and mortgage loans and Rs150 crore under non agricultural gold loans, Kumar said.
The bank charges 13% interest on non-agricultural gold loans. The amount under gold loan is enhanced from Rs1,650 to Rs2,100 of hallmarked ornaments with 916 purity, he said.
Under housing loan, the beneficiary will get one percent interest subversion from the government on loans up to Rs25 lakh, he mentioned.


Sensex, Nifty in an uptrend: Wednesday Closing Report

The global monetary easing has created a strong uptrend. However, if the Nifty closes below 5,410, the uptrend will be in doubt

Optimism from the German Constitutional Court ruling on the Eurozone bailout fund helped the domestic market close higher. Yesterday we had mentioned that the market awaits fresh signals and the positive global happening helped the Nifty close at 5,431, which is the highest closing since 15 March 2012. From here we see the market in an uptrend, however, if the index goes below 5,412 we may see the uptrend slowing down. The National Stock Exchange (NSE) saw a volume of 58.08 crore shares and the advance decline ratio of 1044:757. 
The Indian market witnessed a gap up opening tracking the buoyant global markets ahead of key events that have been lined up for the next two days. Investors gave little importance to the Indian industrial output data for July, which was slated to be announced later in the morning. The Nifty opened 14 points higher at 5,404 and the Sensex resumed trade at 17,916, a gain of 63 points over its previous close. The optimism saw all sectoral indices in the positive in early trade.
Buying support in banking, IT, FMCG, metals and auto helped the benchmarks sustain the gains as trade progressed. Even the lacklustre growth in industrial production at 0.1% in July did not have any impact on the market as investors focussed on the global events.
India’s industrial production growth rate slowed to just 0.1% in July due to poor show by manufacturing, mining and capital goods sectors Industrial output in the April-July period of this fiscal has thus contracted by 0.1%. 
A minor bout of profit booking resulted in the indices touching their intraday lows in noon trade. At this point the Nifty fell to 5,394 and the Sensex retracted to 17,885. A mixed opening of the key European indices also weighed on the sentiments.
Reports of the German Constitutional Court permitted the government to ratify the Eurozone new bailout fund, the European Stability Mechanism (ESM), pushed the market higher in the post-noon session. 
The market hit its intraday high towards the close of trade with the Nifty rising to 5,436 and the Sensex scaling the 18,000 mark to touch 18,013. The benchmarks closed around the highs of the day, settling in the positive for the sixth day in a row. The Nifty gained 41 points (0.76%) at 5,431 and the Sensex climbed 147 points (0.82%) to finish the session at 18,000.
Among the broader indices, the BSE Mid-cap index rose 0.41% and the BSE Small-cap index gained 0.46%.
The top sectoral gainers were BSE Metal (up 2.14%); BSE Auto (up 1.26%); BSE Capital Goods (up 1.20%); BSE IT (up 0.95%) and BSE Consumer Durables (up 0.81%). BSE Power (down 0.98%) and BSE Healthcare (down 0.43%) were the only losers.
Twenty-one of the 30 stocks on the Sensex closed higher. The top performers were Tata Motors (up 5.29%); Jindal Steel (up 3.79%); Coal India (up 2.91%); Larsen & Toubro (up 2.84%) and Tata Steel (up 2.68%). The ones that ended at the bottom of the index were Cipla (down 2.73%); NTPC (down 2.18%); GAIL India (down 1.66%); BHEL (down 1.64%) and Hero MotoCorp (down 0.92%).
The top two A Group gainers on the BSE were—Apollo Tyres (up 6.36%) and Tata Motors (up 5.29%).
The top two A Group losers on the BSE were—Siemens (up 3.24%) and GlaxoSmithKline Pharmaceuticals (up 2.83%).
The top two B Group gainers on the BSE were—Nikki Global Finance (up 19.99%) and Excel Corpcare (up 19.99%).
The top two B Group losers on the BSE were—Vinayak Polycon International (down 18.36%) and Vybra Automet (down 17.41%).
Out of the 50 stocks listed on the Nifty, 36 stocks settled in the positive. The top gainers were Tata Motors (up 5.08%); L&T (up 3.60%); Jindal Steel (up 3.43%); Tata Steel (up 2.90%) and SAIL (up 2.80%). The main losers were Siemens (down 2.90%); Cipla (down 2.76%); NTPC (down 2.04%); BHEL (down 1.82%) and Reliance Infrastructure (down 1.39%).
Reacting to reports of the German Constitutional Court’s move to allow the government to ratify the ESM bailout fund pushed the Asian markets higher today. The gains were also supported by Chinese premier Wen Jiabao’s reiteration to use a 100 billion yuan fiscal stability to nurture growth, if required. 
The Shanghai Composite gained 0.28%; the Hang Seng surged 1.10%; the Jakarta Composite rose 0.45%; the Nikkei 225 jumped 1.73%; the Straits Times advanced 0.44%; the Seoul Composite climbed 1.56% and the Taiwan Weighted closed 1.14% higher. Bucking the trend, the KSLS Composite lost 0.03%.
At the time of writing, the key European indices, which opened mixed, were trading with gains of 0.22% to 0.92% and the US stock futures were in the positive, signalling a green opening for US stocks.
Back home, foreign institutional investors were net buyers of equities totalling Rs423.59 crore on Tuesday. On the other hand, domestic institutional investors were net sellers of stock amounting to Rs365.80 crore.
Aurobindo Pharma today said it has received final approval from the US FDA to manufacture and market generic version of anti-depressant Lexapro in the American market. The escitalopram oxalate tablets are generic equivalent of Forest Laboratories Inc's patented Lexapro, it said, adding “the product is ready for launch”. The stock declined 1.37% to close at Rs129.50 on the NSE.
Air cooler maker Symphony today said its global turnover is likely to grow by 59% in FY13 to Rs500 crore, including Rs100 crore in sales from its new industrial and commercial segment in India. Out of the targeted Rs500 crore revenue for the current fiscal, Rs400 crore would come from the domestic market and the rest from its wholly-owned subsidiary in the US, IMPCO. The stock closed 0.35% up at Rs377 on the NSE.



Sahara’s Nirman Bonds tout “death risk cover”. Creating more business for Sahara Insurance?

Sahara India Real Estate, one of the two Sahara companies ordered by the SC to return investor's money, used a 'death risk cover' as a smart lure. We discover that this is another dodgy area with absolutely no information available about the insurer, the legitimacy of the death risk cover and the amount of premium paid by Sahara

Sahara India Real Estate Corporation (SIREC) has been selling Optionally Fully Convertible Debentures (OFCD) under catchy names like Nirman Bonds, Real Esate Bonds and Abode Bonds to raise tens of thousand crore rupees without bothering with proper regulatory clearance. An added attraction in selling the bonds was the “death risk cover” for all the first two—Nirman and Real Estate bonds.


But as Moneylife has always pointed out, an insurance cover is good only if you can make a successful claim and that will happen when the insurer is legitimate and has all the regulatory clearances.


Documents available with Moneylife show that the death risk cover is probably another dodgy chapter in Sahara’s operations with very little information available or revealed. Documents submitted by the company in the course of its long legal battle include sworn affidavits which say that the entity collected Rs17,600 plus crores after over 11.77 lakh investors had made premature redemptions. Investors had to make a minimum investment of Rs12,000 for two Real Estate Bonds, which could be done in installments of Rs200 each. The Nirman Bonds had no facility to pay in installments. The company claimed 1.36 crore persons had invested in the Real Estate Bonds after eliminating premature redemptions and 14.11 lakh persons had invested in Nirman Bonds. So much was the insurance cover on these bonds? What was the premium collected? There is surprisingly no information. In one affidavit, Sahara says that the number of persons who claimed would be provided if the appellate tribunal required this information.


The bigger question is, who got this seemingly lucrative insurance business? It is another mystery. For starters the two Saharas (as the Supreme Court referred to them) had no infrastructure of their own. They had a “written arrangement with M/s Sahara India—a registered partnership firm of the promoters” for “taking the premises and utilising other related infrastucture and facilities including manpower, bank accounts  maintained at each of the branches owned by the said firm throughout the country for a composite rent consideration agreed to between the company and the said firm”.


Translated into simple English, it means that not only was an astonishing Rs17,600 crore collected from crores of persons, but a partnership firm of the promoters was banking all the money and providing the manpower. The persons who canvassed the loans—apparently 10 lakh of them—were called “freelance workers”, which means they would have zero accountability to the Sahara group or to the investors. Sahara India of course claims that it has a list of these freelance workers and they are associated with its other group businesses. At the same time, it also says that these ‘introducers’ were “not on pay-roll but remunerated”. They entered the collections in “Day Books” like it was small piggy-bank change and deposited it in Sahara India accounts.


 At a time when the capital market regulator and insurance regulator are working at new ways to make distributors and agents accountable, it is astonishing that a company collected such vast sums of money without bothering with any regulation and the topmost lawyers in India fought hard to establish the legitimacy of its actions.


Now let us look at the so-called insurance. An affidavit by the company says, “Each investor in Nirman Bonds and Real Estate Bonds were provided “death-risk cover”. Up to February 2010, the cover was provided through a group insurance policy taken out by Sahara India Life Insurance Corp at the instance and cost of the Appellant No. 1 (Sahara India Real Estate Corporation Limited & Ors) company. We wrote to Sahara India as well as the Insurance Regulatory Development Authority (IRDA) to ask about the size and structure of this group cover and the amount collected, but we have received no reply. In fact, the insurance regulator probably does not even know about the cover and it is unclear if Sahara India Life Insurance obtained permission to offer it. This scheme too seems to have come to an end at the end of February 2010. Was it because it was not legitimate? We don’t know.


The affidavit says, “From 1 March 2010 “death risk cover” for each investor was, however, undertaken directly by the Appellant No. 1 (Sahara India Real Estate Corporation Limited & others) . On the basis payments have been made to nominees of the deceased investors, whose names and details can be provided, if required, by this Hon’ble Tribunal.”What exactly does this mean? SIREC is not an insurance company, so how can it offer this risk cover? How much of money was raised under the Nirman and Real Estate Bonds after 1 March 2010?


The death risk cover ostensibly provided on the Nirman and Real Estate Bonds obviously raise plenty of questions, but now that the Supreme Court has ordered redemption within three months, it remains to be seen if the insurance regulator follows this up. After all, Sahara India Life Insurance is a regulated entity, which used to captivate people with its catchy advertisements. Also, the regulator needs to investigate, if only as a detterant to many other companies that have been fabricating shady bonds and trying to follow in Sahara’s footsteps.



suresh kumar gupta

5 years ago


MOBILE 94141 07928

Vikas Gupta

5 years ago

Whatever Sahara does is not transparent at all. Everything in Sahara is highly manupulative.


5 years ago

Looks dicey to say the least. But wonder why does media get a wind of such scams years after the damage is done. Were they also a party to the booty ?



In Reply to SUJIT KATYAL 5 years ago

I am a regular visitor of Moneylife and I know Moneylife constantly exposed the misdeeds of the privileged and powerful at their personal and professional risk.

Sucheta Dalal

In Reply to SUJIT KATYAL 5 years ago

Well... since you have taken the trouble to come to Moneylife, how about googling to see what we have said in the past?

As for others, you need to ask them questions on THEIR websites not here !

suresh kumar gupta

In Reply to Sucheta Dalal 5 years ago

dear suchetaji
ist accept my well wishes for your continous reporting for INS SECTOR, PL draw my issue before HON IRDA CHAIRMAN

suresh kumar gupta

5 years ago

Dear sir
your observation is correct. before my termination company has not give me a proper chance to defend me.i am submitting my reply as your pointwise as below.
a) my agency code is 00041214
b) the previous operation officer has blame me as(ki mene uski gardan pakdi. parntu jahan voh bethta hai vah tak mera hath hi nahi pahunch sakta to me uski gardan kaise pakad sakta hun, pl visit personally BALOTRA branch and verify my comments.
c) my former branch manager MR. LOKESH CHAUDHARY AND OPERATION OFFICER MR. HITESH GAUR has the main person to remove me system as they need to do wrong with company. as soon as company has terminate me a BIG FIRE AND THEFT HAS BEEN DONE IN BALOTRA, if you will investigate the both issue you will find great irrregulaties.
d) company response is only one word as there is no change of company decision.i have not violated any clause of agency agreement. when company has terminate me almost 4 years and 11 months has passed. if one month has passed then company can not stop to give me my renewal commission.
e) i want to HDFC SLIC To activate me CC CORNER Immediately so that i can provide my services to my innocent clients. and cancel my termination and activate my agency agreement.

Suresh kumar gupta
Rawali gali
MOBILE 94141 07928
----- Original Message -----
From: Umesh Gupta
Cc: Tushar Kelkar ; Sanjay Pujari
Sent: Sunday, September 02, 2012 3:24 AM

We are not able to open the attachments in your complaint. If you can describe your complaints in detail, we will be able to direct your complaint to the right department.

As per my understanding (as per the mail below) your agency has been terminated and you were not given sufficient chance to defend yourself. You feel that agency termination has been done because of false complaint of the staff of Balotra branch.

If my understanding is right, please do the following:
a) Mail your agency code.
b) details of all the incidences step wise in the proposal/s..
c) What is your view and which staff has framed you wrongly? What are the wrong things done by them?
d) What has been the company's response? Did anyone talk to you to check details? If yes, who and describe the details.
e) What do you want from HDFC Life now?

To process further, we will require the above details. I am also marking the mail to Tushar Kelkar and Sanjay who take care of complaints and grievances of FC's.

Umesh Gupta | Associate Vice President | Customer Relations | HDFCLife
11th Floor, Lodha Excelus, Apollo Mills Compound,
N. M. Joshi Marg, Mahalaxmi, Mumbai-400011.
Direct: 022 6751 6128 | Board: 022 6751 6666 | Mobile: +91 99209 13009

Integrity |Innovation |Customer Centric |People Care |Team Work |Joy & Simplicity

To: ,
Date: 31/08/2012 02:22 PM


Dear sir
pl read my issue and try to resolve and investigate free and fair conclusion.
suresh kumar gupta
94141 07928
----- Original Message -----
From: Customer Relations
Sent: Wednesday, May 30, 2012 3:17 PM

Good Morning. Thank you for your e-mail of today's date. I confirm that it has been passed to our Group Financial Crime team and they will be in contact with you shortly.

Mike MacPherson 0131-245-2451.



30/05/2012 03:39




Hon sir
I am certified financial consultant of HDFC STANDARD LIFE INSURANCE CO LTD Mumabi.

my code number is 00041214

My request you as under.

1, Company has terminate me on the basis of false complaint of LOCAL STAFF i.e. BALOTRA branch

2. The both person has left the company

3. Due to my termination and lake of services my innocent client has lost almost 20 lakha INR AND POLICY HAS DEACTIVATED.

4. I very humbly request to company to provide the letters/emails/on which basis the company has terminate me but company has not provide the papers.

5.i also pray to company to provide the clause of agency agreement on which basis i have voilete this clouse but company has not replied my a singal word.

Pl help to resolve my issue and reach a free and fa ir investigation in the interest of INNOCENT CLIENTS

the CEO OF HDFC SLIC MR.AMITABH CHAUDHARY mail id is [email protected]

suresh kumar gupta
rawali gali
BALOTRA 344022
MOBILE 94141 07928 Connect With Us On

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DISCLAIMER The information contained in this communication is intended solely for the use of the individual or entity to whom it is addressed and others authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and is unlawful. If you have received this communication in error, please notify us immediately by responding to this email and then delete it from your system. HDFC Standard Life Insurance Company Limited is not liable for any improper and/or incomplete transmission of the information contained in this communication or for any delay in its receipt or for any damage caused by malicious code or alteration by any third party. The contents of this email do not necessarily represent the views or policies of HDFC Standard Life Insurance Company Limited


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