Edelweiss Tokio Life Insurance is registered by IRDA to carry on life insurance business

Edelweiss Tokio Life plans to commence sales later this year

Edelweiss Tokio Life Insurance, a joint venture between the Edelweiss Group, India’s leading diversified financial services conglomerate and Tokio Marine, one of the world’s leading Insurance group headquartered in Japan; has been registered by Insurance Regulatory & Development Authority (IRDA) to carry on the business as a life insurer.

Speaking at the occasion Rashesh Shah, chairman and CEO, Edelweiss Group said, “At 4.5%, life insurance penetration in India continues to be low. We see an opportunity there. With a global leader as a partner and a country wide distribution network Edelweiss Tokio Life is well placed to benefit from this opportunity.”

Hiroshi Endo, managing director, Tokio Marine Holdings said, “Tokio Marine Group has been looking at India as an exciting opportunity, where we have Edelweiss as our committed partner. And now that we have been granted license, we will launch customer—focused approach and hope to be successful.”

Deepak Mittal, Director, Edelweiss Tokio Life said, “Edelweiss Tokio Life endeavors to imbibe a ‘customer first’ approach and focus on need-based selling. Our personal financial advisors will be well trained and offer customers products as per their life stage requirements.” he added.

Edelweiss Tokio Life plans to commence sales later this year, depending on product approvals.


ISMA revises 2010-11 sugar output estimate to 242 lakh tonnes

The latest ISMA figure is lower than the government’s estimate of sugar production in 2010-11 at 245 lakh tonnes

New Delhi: The Indian Sugar Mills Association (ISMA) today slashed the total sugar production estimate for the ongoing 2010-11 sugar year by 8 lakh tonnes to 242 lakh tonnes, reports PTI.

At the beginning of the current sugar year (October-September), ISMA had projected the total sugar output at 255 lakh tonnes, but the forecast was later revised downward to 250 lakh tonnes.

“Our figure for 2010-11 stands at 242 lakh tonnes,” ISMA spokesperson said, adding this is the final estimate.

The production figures for sugar were finalised at the organisation’s internal meeting in Bangalore today.

The latest ISMA figure is lower than the government’s estimate of sugar production in 2010-11 at 245 lakh tonnes.

Production in India, the world’s second biggest sugar producer and the largest consumer, is expected to rebound this year after a gap of two years. In 2009-10, production was around 190 lakh tonnes. The country’s annual demand is pegged at 220 lakh tonnes.


HDFC Bank may raise lending rates by up to 0.55%

HDFC Bank last raised its base rate by 0.5% to 8.70% on 13th March

In line with the industry trend, HDFC Bank has decided to hike lending rates by 0.55% and deposits rates by up to 1.25%.

Base rate or the minimum lending rate would go up by 0.55% to 9.25%, sources said.

Even, the benchmark prime lending rate (BPLR) will be revised by 0.5% to 17.75% from existing 17.25%.

Deposit rates across select maturities will be revised upward between 0.25%-1.25% effective from Thursday, sources added.
The Mumbai-based bank last raised its base rate by 0.5% to 8.70% on 13th March.

Several banks like Punjab National Bank, ICICI Bank and Oriental Bank of Commerce raised base rate by 50 basis points after the Reserve Bank hiked short-term key rates in its annual credit policy on 3rd May.

On Tuesday, country's largest lender SBI raised base rate and BPLR by 0.75% to 9.25% and 14%, respectively.

As far as fixed deposits are concerned, HDFC Bank is likely to raise rates between 0.25%-1.25% on select maturities.

Fixed deposits below Rs15 lakh with maturity between 46-60 days will earn 6.25%, up by 1.25%, highest increase among all the maturity slabs.
Interest rate for term deposits between 7-14 days will go up by 50 basis points to 3.5% from the prevailing 3%, while maturity slab of 30-45 days will give 5%, 100 basis points higher than the existing rate.

At the same time, the interest rate of fixed deposits with a tenor of 15-29 days has been increased by 75 basis points to 4 per cent while 61-90 days term deposit to earn 6.5 per cent, an increase of 1 per cent.

It is to be noted that RBI raise short-term key rates including the repo and reverse repo by 0.5% in its Annual Credit Policy on 3rd May.

The repo rate and reverse repo rate now stand at 7.25% and 6.25%, respectively.


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