Kotak Mahindra Mutual Fund new issue closes on 13th June
Kotak Mahindra Mutual Fund has launched Kotak FMP Series 50 (24M), a close-ended income scheme. The tenor of the plan is 24 months.
The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.
The new issue closes on 13th June. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Index is the benchmark index. Deepak Agrawal and Abhishek Bisen will be the fund managers for the scheme.
Equifax is first to launch alerts specifically targeted at helping banks with retention, cross-selling and collections
Equifax Credit Information Services Pvt Ltd (ECIS), the joint venture between Equifax and six leading Indian financial institutions (Bank of Baroda, Bank of India, Kotak Mahindra Prime Ltd, Religare Finvest Ltd, Sundaram Finance Ltd and Union Bank of India), is launching a new suite of alerts products to assist banks with better targeting in their retention, cross-sell and collection efforts. These alerts will enable banks to know if any of their customers are shopping for new lines of credit or have opened new accounts.
Leveraging information provided monthly by 150+ member banks, Equifax can monitor a customer's entire set of portfolios, a customer's specific portfolio or a customer's specified list of accounts. Equifax can then provide to the bank actionable alerts on a weekly or monthly basis. With these new alerts, banks that augment their current portfolio scrub processes can now focus their retention efforts on those customers who may be looking elsewhere. Similarly, collections groups may wish to know that a customer they have categorised as 'high risk' has just opened a new account elsewhere. Some characteristics may have changed with this customer (for example a new job, other source of income, etc) that will prompt collections groups to contact this individual to clear unpaid debt.
"Banks throughout India continue to refine their portfolio management practices. After talking with many of these institutions, we learned that their current portfolio scrub processes need additional information to be effective," says Samir Bhatia, MD and CEO of ECIS. "Adding Equifax Alerts will allow these banks to implement retention, cross-sell and collection programs more effectively by targeting the right customers at the right time."
“The strike is unwarranted, even though the law gives the workers every right to form one more union. We will ensure that it does not become an industrial dispute,” Haryana industries minister Randeep Singh Surjewala told newspersons
Chandigarh: The Haryana government today said it is closely monitoring the strike at Maruti Suzuki India’s (MSI) Manesar plant and will ensure that it does not take the shape of an industrial dispute, reports PTI.
“We are closely monitoring the situation. We will ensure that it does not become an industrial dispute,” Haryana industries minister Randeep Singh Surjewala told PTI here when asked if the government will intervene in the matter.
He said the government was keeping a close watch on the developments at the Manesar plant and was in touch with the concerned parties.
“Maruti is backbone of our industry. The strike is unwarranted, even though the law gives the workers every right to form one more union,” he said.
He said the government and administration would try to ensure that the issue is amicably resolved.
“Our labour department officials are closely following the developments from day one itself and talking to both the parties,” he said.
Mr Surjewala hoped that the deadlock will end soon and the issue will stand resolved.
Meanwhile, the strike entered its fifth day today and no production took place at the plant, with Maruti Suzuki India maintaining a tough posture, saying there was no question of accepting the demands of the workers.
Around 2,000 workers at the plant have been on strike since Saturday, resulting in a production loss of about 3,000 units till yesterday. The value of the lost production is estimated at around Rs150 crore.
The striking workers are demanding the recognition of a new union—Maruti Suzuki Employees Union (MSEU)—formed by those working at the Manesar plant, besides retaining contract labourers for the two upcoming new units inside the complex.
Meanwhile MSI chairman R C Bhargava said, “When a union is not even registered, in today’s condition, how can we even think of accepting their demands? There is no demand of the workers which we can accept.”
The company’s shares were being quoted at Rs1,220.30 apiece in post-noon trade on the Bombay Stock Exchange, down 1.64% from its previous close.