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Last financial year, IndiaFirst surpassed its rural and social obligations laid down by the regulator, IndiaFirst managing director and CEO P Nandagopal said.
Private insurer IndiaFirst Life Insurance said it garnered premium at Rs1,000 crore during FY12 by over 43% compared to the previous fiscal.
IndiaFirst premium stood at Rs700 crore in FY11, the company said in a statement issued. “Being incorporated in November, 2009, we have approximately covered 1.6 million lives. The trust displayed by our customers, distributors and shareholders in us, adds to our responsibility of ensuring continuous innovation to keep providing enhanced value,” IndiaFirst managing director and CEO P Nandagopal said.
Last financial year, IndiaFirst surpassed its rural and social obligations laid down by the regulator, he said.
The company acquired 14% of its business from rural India and covered 5,27,589 lives against 5,000 lives - taking the benefits of life insurance to the doorsteps of customers across the country, irrespective of their location.
This year the company has further increased its presence in the rural hinterland of India by tying up with 10 Regional Rural Banks, the statement said.
The total Assets Under Management (AUM) of the insurer at the end of March has crossed Rs2,500 crore, it added.
IndiaFirst Life Insurance is a joint venture between two public sector banks - Bank of Baroda and Andhra Bank, along with UK's leading risk, wealth and investment company Legal and General.
The deposits with banks were Rs60,72,460.40 crore as on 23 March 2012, while it was Rs53,55,159.8 crore on 25 March 2011
Deposits with banks grew at 13.4% to Rs60.72 lakh crore in the last fiscal year-on-year, as per the latest data released by the Reserve Bank of India.
The deposits with banks were Rs60,72,460.40 crore as on 23 March 2012, while it was Rs53,55,159.8 crore on 25 March 2011.
Similarly, the loans by banks increased by over 17% to Rs47,54,346.66 crore as on 23 March 2012, against Rs40,60,842.2 crore year-on-year.
In its annual monetary policy statement for 2011-12, the RBI had projected aggregate deposits of scheduled commercial banks (SCBs) to grow at 17%.
The data further revealed that credit towards food was higher at Rs81,303.89 crore as on 23 March 2012 against Rs64,282.84 crore on 25 March 2012 last year.
RBI is scheduled to come out with annual monetary policy for the current fiscal on 17 April 2012.