The product ‘Fast Gold Loan’, available in the market since April this year is disbursed within minutes of application
Fedbank Financial Services Ltd, a wholly-owned subsidiary of Kochi based Federal Bank has launched its first loan product ‘Fast Gold Loan’ in the domain of secured lending. The product ‘Fast Gold Loan’, available in the market since April this year is disbursed within minutes of application.
Few unique features of the product are: Easy repayment–The customer only has to repay the interest; the principal amount is payable at the end of the tenure, generally allowed up to 1 year with an option of renewal for a further term. Gold jewellery within 20 to 24 carat is accepted under pledge. Loan is allowed up to maximum 90% of the gold value at the prevailing market rate. As against unsecured personal loans, gold loan is hassle free on the part of borrowers as it is disbursed in minutes and without any proof of income.
JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally
Jaxtr Inc, founded by Sabeer Bhatia and Yogesh Patel, on Wednesday launched JaxtrSMS, a cross-platform open texting application to send SMSes to anyone in the world for free.
"We have developed this application that runs on all mobile applications in the world, including iPhones, Androids, Blackberrys, J2MEs, where one can send unlimited free text messages from his phone to any mobile phone in the world," Jaxtr Inc CEO and co-founder of Hotmail Sabeer Bhatia said.
At present it is very expensive for sending international SMSes costing Rs5 per message, he said. JaxtrSMS, which was developed in the country, is expecting at least 100 million subscriber base globally, he added.
"We witnessed tremendous response to this application during the soft launch where users across 197 countries downloaded it in a few weeks and expect 100 million subscribers by end of next year," Bhatia said.
The company will generate revenue through advertisements and premium services like archiving texts, multimedia, video etc, which will be available by mid next year, he said. The premium services will be available for the subscribers at a very nominal cost, Bhatt said. "We are talking with advertisers," he said. The US-based company is looking at $10-$15 million investment in JaxtrSMS in another couple of months. "We are in talks with a few investors and are looking at investing $10-$15 million in a couple of months time," he added.
Bhatia said this application would be in accordance with the regulatory provisions of the country. Globally, there are 4.2 billion texters worldwide and it is expected to reach 12 trillion by 2015.
Total premium collected by the life insurance industry stood at Rs1,25,179 crore during April-September 2010-11
The life insurance industry reported 2% dip in premium collections to Rs1,22,661 crore in the first half of this fiscal because of fall in new business.
Total premium collected by the life insurance industry stood at Rs1,25,179 crore during April-September 2010-11, according to the Life Insurance Council.
"The fall in total premium is due to the drop in new business premium collection," it said.
The total new business premium for the industry has decreased 21% year-on-year to Rs49,046 crore from Rs62,362 crore.
The decline was on account of low sales of unit-linked products, especially individual pension segment, which has fallen drastically this year to 1.2% from an average of 26% for the earlier two years for the same period.
"It is evident from the data that voluntary contribution from retail investors under individual pension segment has dried up," said SB Mathur, secretary general, Life Insurance Council.
According to the council, the life insurance industry, however, has added more than 5,400 direct employees and 26,000 new agents as compared to last quarter.
Overall, the outlook for the remaining six months this fiscal appears to be better in view of lack luster performance of the industry in the first half. However, companies need to introduce new products at regular intervals to sustain the interest of the consumers, the council said.