DSP BlackRock MF unveils 6 months fixed maturity plan

DSP BlackRock Mutual Fund new issue closes on 12th July

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-6M-Series 9, a close-ended income scheme.

The investment objective of the scheme is to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes. The tenure of the scheme is six months.

The new issue closes on 12th July. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Dhawal Dalal is the fund manager.

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Mizoram signs MoU with National Insurance for implementation of RSBY

The RSBY scheme is a nation-wide programme to enable people below poverty line to access health care free of costs

Mizoram government and National Insurance Company inked a memorandum of understanding (MoU) on 4th July to work together in 2011-12 even after the expiry of the agreement signed on the implementation of health care scheme for BPL (below poverty line) families.

The agreement had been signed on 31st August last year and the health care scheme is known as Rashtriya Swasthya Bima Yojana (RSBY). An official statement said the MoU was signed by R Lalrothanga, joint secretary Health and Family Welfare department on behalf the state government and Ranjit Singh, administrative officer of National Insurance Company. The RSBY scheme is a nation-wide programme to enable people below poverty line to access health care free of costs and enrollment for the BPL families would be open soon, the statement added.

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Post offices to introduce core banking solution by 2012

The Department of Posts is tying up with banks so that customers can use their India Post debit card at any ATM machine pan-India

The Department of Posts (DoP) plans to introduce core banking solution besides setting up India Post ATMs and debit cards for its customers.

"We have set target of bringing in core banking solution by 2012. It will ensure smooth online transactions. We are giving some e-payment services, but they are fragmented," a top official from Department of Post said.

He added that the work for setting up 1,000 India Post ATMs was in advanced stage and DoP had already held parleys with vendors on this front. "We will also issue debit cards to our existing savings account-holders," the source added.

The DoP is tying up with banks so that customers can use their India Post debit card at any ATM machine pan-India. With a network reach of over 1.44 lakh post offices, DoP hopes to transform itself into a post bank.

"Yes, this is very much possible. We are offering three-fourth of a bank's services and have the widest reach. The infrastructure is almost ready. In fact, we have given this proposal to the Ministry of Finance and are waiting for its comments," he added.

The lack of modern banking facilities in rural areas and dependence of villagers on informal sector for their credit requirements prompted government to establish a post bank. "The aim of establishing a post bank is to provide banking services to the rural poor who still do not have modern banking facilities and still have to depend on informal sector for their credit requirements," he said.

The Planning Commission had allocated Rs5 crore during the 11th Plan period towards this purpose under the head of 'studies and miscellaneous expenditure relating to setting up of Post Bank of India'. The DoP with its huge network already provides various financial services, including a post office savings bank, postal life insurance, pension payments and money transfer services.

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