Birla Sun Life Mutual Fund new issue closes on 9th May
Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 14, a close-ended income scheme.
The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 182 days.
The new issue closes on 9th May. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.
“The maximum value of prepaid semi-closed m-wallet shall not exceed Rs50,000,” a RBI notification said
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank of India (RBI) decided to increase the limit of money-loading to Rs50,000 from the existing limit of Rs5,000 on 4th May.
"The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs50,000," a RBI notification said.
Leading mobile operators Bharti Airtel and Vodafone had tied up with SBI and ICICI Bank respectively to offer such facilities to their subscribers.
The central bank has also decided to treat semi-closed mobile wallet on par with the other semi-closed prepaid instruments.
In the semi-closed mobile wallet, money can be loaded into your cell phone from a licensed company which can be used to make payments. But it can't be used to withdraw money.
The semi-closed system payment instruments are redeemable at a group of clearly identified merchant locations or establishments. These instruments do not permit cash withdrawal or redemption by the holder.
"Keeping in view the need to facilitate the larger acceptance of mobile phone based prepaid instruments as a mode of payment, it has now been decided to bring semi-closed mobile wallet on par with the other semi-closed prepaid instrument," it said.
Those using other semi-closed system payment instruments were already enjoying the upper limit of money value of Rs50,000.
M-wallet can be used for various services like payment of utility bill including electricity, water telephone or mobile phone, insurance premium, cooking gas payments, ISP for internet or broadband connections, cable or direct to home (DTH) subscriptions and citizen services by government.
Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year
Bharti AXA General Insurance Company said it is targeting first premium business of Rs800 crore nationally this calendar year.
Last year, Bharti AXA had collected Rs500 crore, Sanjay Radhakrishnan, senior vice president, head-corporate and alternate distribution, said.
Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, a world leader in financial protection. The company was looking at business of Rs250 crore from South India this year.
Right from its inception, first premium business in South India amounted to Rs230 crore from 1.6 lakh policies, he said.
The company also aims to further deepen its penetration in the SME segment across Kerala, Manoj Nair, zonal VP-South, said.
It was offering 'packaged policies' targeted at shopkeepers, the hospitality segment and small scale industries.
These are not only cost-competitive, but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products.
Bharti AXA, which already has a branch in Kochi, will open a second one in Kozhikode in October this year. The two branches, along with six spoke locations, will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasaragod districts.
The company also plans to increase its headcount by 50% and build its business to about Rs15 crore in Kerala by December this year from the present 7.4%.