Housing mortgage lender LIC Housing Finance Ltd on Thursday reported a rise of 36.8% in its net profit to Rs234.2 crore for the second quarter ended 30 September 2010.
It had a net profit of Rs171.3 crore during the same quarter of the last fiscal, LIC Housing Finance said in a filing to the Bombay Stock Exchange (BSE).
The company reported 31.8% growth in its total revenues during the July-September quarter to Rs1,100.2 crore as against Rs834.9 crore in the year-ago period.
On Thursday, LIC Housing Finance shares gained 1% to Rs1,458 on the BSE, while the benchmark Sensex closed 0.9% down to 20,497 points.
Private sector lender Axis Bank reported a 38.3% growth in its second quarter net profit to Rs735.1 crore from Rs531.6 crore last year, on higher revenues from treasury and corporate banking segment.
For the quarter to end-September, the lender said its total revenues, including interest income rose 18.6% to Rs4,657.5 crore from Rs3925.9 crore, same quarter a year ago.
Axis Bank said during the second quarter, its revenues from the corporate or wholesale banking segment increased 37.4% to Rs2,722.4 crore while revenues from treasury segment rose 22.5% to Rs,5746.2 crore as against a year ago period.
The lender's retail banking segment had revenue of Rs2,173.3 crore during the second quarter - a rise of 10.5% over Rs1,966.2 crore last year.
On Thursday, Axis Bank shares ended 1.6% down at Rs1,563 on the BSE, while the benchmark Sensex closed 0.9% down to 20,497 points.
RBS Multicare Pvt Ltd runs a multi-level marketing scheme through its website, under the pretext of an associate or group company of the Reliance group. It even uses Dhirubhai Ambani’s photograph on its site
If you don't have a brand name, misuse someone else's. This is an easy strategy to con gullible people by building trust with misused brand names. RBS Multicare Pvt Ltd, a multi-level marketing (MLM) company is using Reliance group founder Dhirubhai Ambani's photo and his quote to promote its business, that too when the company has no relation with the Reliance group. The MLM company claims that RBS in its name stands for Reliance Business Solutions.
Even its website www.myrbs.in raises doubts about its genuineness for an erudite person, and is nothing but a trap for the susceptible. The website is selling Reliance Life insurance products bundled with holiday packages and gives details on how someone can join as a distributor and benefit from its MLM. However, the actual insurance premium for the said scheme is much less than what RBS is demanding in the bundled deal.
Moneylife called RBS' agent from Mumbai. The scheme RBS is trying hard to sell is Reliance Jeevan Suraksha plus Holiday package for Rs7,200. With this onetime payment, RBS assures you life insurance worth Rs3 lakh in addition to a holiday package for your family (2 adults + 2 children) worth Rs69,000 spread over six years. However, the agent claimed that the company can pay the holiday package amount divided in parts like Rs1,000 after the first year, Rs3,000 after the second year, Rs15,000 after three years and Rs50,000 after four years.
The agent then went on explaining the MLM concept like binary, pool and bonus income. He also emphasised on how he started with only Rs500 per month and is now earning Rs5 lakh per month. His ending note was that the special offer is only valid till 15 October 2010 and then the company will offer holiday packages worth only Rs19,000 instead of Rs69,000. He was also eager to close the 'sale' at the earliest and willing to send his associate to our office for collecting the payments.
Interestingly, despite trying to establish relations with the Reliance group, the company wanted the payment to be made in its own name, instead of the group. When asked to provide contact details of any official from the Reliance group, the agent quickly replied that he was in a meeting and would get back to us.
A Moneylife reader, who was approached by RBS for the MLM scheme had raised the issue with the Insurance Regulatory and Development Authority (IRDA), but could not elicit any response from the regulator.
Speaking about RBS and its business practice, he said, "One of the target customer segments for RBS is housewives. When I raised my doubts with the RBS agent, the company told me, if you do not have faith then do not buy the policy. However, many people provoked by RBS agents and their distributors are falling into the trap with their small savings. As per my knowledge insurance premium for this particular policy costs only Rs333 and the rest of the money goes into the pockets of RBS and its agents. It seems a pure cash MLM scheme, which is in violation of RBI norms. Also, they are writing, claiming something on their website and providing something else to a layman."
According to an official from Reliance Capital Ltd, the usage of the brand name, Reliance Life Insurance and other material is a serious matter. "RBS does not have any authorisation to display our products on their site. We are taking the necessary action against the company," he added.
Interestingly, RBS is not the only site that is using the name of 'Reliance' to promote its business. There is another site, www.goreliance.net with a US address that offers services related to insurance, mortgages, real estate and financials.