IDRBT & ISACA sign MoU for benefit of Indian banking

ISACA is an international body, working in the fields of information systems control, audit, security and governance

The Institute for Development and Research in Banking Technology (IDRBT), a banking technology institute established by the Reserve Bank of India, has signed a memorandum of understanding (MoU) with ISACA (formerly the Information Systems Audit and Control Association) for joint activities in IT governance, information systems audit, information security and information systems risk management.

ISACA is an international body, working in the fields of information systems control, audit, security and governance. The MoU was signed by B Sambamurthy, director, IDRBT, and Ken Vander Wal, ISACA International President.

Sambamurthy said on this occasion that "Information is a key operating and strategic asset for banks. Effective management of information is a key critical success factor. On one hand, banks have to ensure privacy of customer information. On the other, decision making needs to be information-led. Banks need to adopt international standards and best practises. The MoU will help in disseminating standards, best practises and frameworks."

"ISACA and its nearly 6,000 members in India are committed to helping organisations strengthen their governance of enterprise IT," said Vander Wal.
"Information and the technology that supports it are key assets, and proper governance of those assets can add significant business value."

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ICICI Pru MF floats Fixed Maturity Plan-Series 59-1 Year Plan E

ICICI Pru MF new issue closes on 20th September

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 59-1 Year Plan E, a close-ended income scheme.

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

The new issue closes on 20th September. The minimum investment amount is Rs5,000.

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Canara HSBC Oriental Bank of Commerce unveils Smart Sanchay Plan

Smart Sanchay Plan is designed for deposit account holders of the distributor banks and is tailor-made for the company’s bancassurance model of distribution

Canara HSBC Oriental Bank of Commerce Life Insurance-a joint venture between two public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings-has launched a traditional group protection-cum-savings product under the name Smart Sanchay Plan.

Smart Sanchay Plan is designed for deposit account holders of the distributor banks and is tailor-made for the company's bancassurance model of distribution. The plan is available to all new depositors who can opt for this product after opening an account, as well as to existing customers who simply need to enrol.

The product provides life cover and accident protection along with fixed returns. The maturity benefit is fixed and is equivalent to the premiums invested at 4% (current savings rate of interest). The premium is deducted directly from the bank account of the account holder.

Key features of Canara HSBC Oriental Bank of Commerce Life Insurance Smart Sanchay Plan include a limited pay product with premium payment term of 5 years and policy term of 10 years. On the tax front the policyholder will get tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act.

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