Central Bank ties-up with Chola MS to sell insurance products

The general insurance products will be sold through Central Bank’s 3,728 branches across the country

Eyeing fee income, Central Bank of India has entered into agreement to sell non-life insurer Cholamandalam MS General Insurance's products through its branches.

The general insurance products will be sold through the bank's 3,728 branches across the country, a statement issued by the bank said.

The products across personal and commercial lines of business will be customised for Central Bank of India, to penetrate into 75% of the bank's customer base, it added.

It is common practise for banks to enter such tie-ups which helps it earn commissions that show up as non-interest or fee income on books.

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Credit card transactions up over 29% in June

The number of credit cards in circulation has, however, declined by over 6.7% to 1.76 crore as of 30 June 2011

Transactions worth Rs7,191.11 crore were carried out using credit cards in the country in June 2011, translating into a growth of 29.8% over the same month last year. Credit card transactions during June 2010, amounted to Rs5,538.75 crore, according to Reserve Bank of India (RBI) data.

The number of credit cards in circulation has, however, declined by over 6.7% to 1.76 crore as of 30 June 2011, from 1.89 crore at the end of the same period last year. As per the data, transactions by credit card during the first quarter this fiscal stood at Rs22,127.50 crore, against Rs16,947.87 crore in the first three months of 2010-11, a jump of 30.5%.

Meanwhile, debit card transactions were up by 45.6% in June to Rs3,783.88 crore from Rs2,597.49 crore in the corresponding month last year. There were over 23.95 crore debit cards in use in the country as of 30 June 2011, up 24.8% over the figure of almost 19.19 crore in the year-ago period. Transactions by debit card during April-May period were up 44.9% to Rs11,690.79 crore, against Rs8,064.51 crore in the year-ago period.

The latest jump in transactions through credit and debit cards signals the continuation of the growth observed in the last fiscal, according to experts. In 2010-11, transactions through credit cards in the country went up by 22.15% to touch Rs75,515.68 crore in value terms. In addition, debit card transactions went up by 46.46% last fiscal to Rs38,691.88 crore.

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ICICI Pru MF unveils 745 days fixed maturity plan

ICICI Pru MF new issue closes on 17th August

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 58-2 Year Plan E, a close-ended income scheme.

The investment objective of the scheme is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plans. The tenure of the scheme is 745 days.

The new issue closes on 17th August. The minimum investment amount is Rs5,000.

Crisil Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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