During FY10-11, Max New York Life undertook cost management initiatives which had its long-term impact. The cost ratio improved to 31% in December 2011
Private life insurance company Max New York Life today reported 18-fold jump in net profit at Rs572 crore for the nine-month period ended December 2011, on the back of increased productivity and cost effective techniques.
"This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency," Max New York Life said in a statement.
The total premium income for April-December 2011 period rose by 8% to Rs4,470 crore. However, new premium income declined 13% to Rs1,282 crore.
"Though the market continues to remain challenging, we have responded extremely well ... We are confident of a sustained profitable growth for Max New York Life ... Through superior claims and complaint management," Max New York Life Insurance CEO & managing director Rajesh Sud said.
During the financial year 2010-11 the company undertook cost management initiatives which had its long-term impact. The cost ratio improved to 31% in December 2011, the statement said. The company's paid up capital as on December 2011 stood at Rs2,126 crore.
Max New York Life Insurance is a joint venture between Max India and US-based New York Life.
The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in ICICI Bank’s various service charges
Private sector bank ICICI Bank will charge its customers Rs5 per transaction from April for transfer of funds over mobile phones, a service available for free as of now.
The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank’s various service charges.
The Bank would also limit such fund transfers at Rs50,000 per transaction a day.
ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.
Regarding many other service charges, ICICI Bank has also decided moved to a monthly basis of levying fees and maintenance of minimum account balance, from quarterly now.
For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs10,000 in metro and urban locations, Rs5,000 in semi-urban and Rs2,000 in rural areas.
For non-maintenance of minimum balance, it would levy a charge of Rs250 a month in metro/urban areas against Rs750 per quarter currently, in case of the average balance being Rs5,000-Rs10,000 and Rs350 a month for average balance falling below Rs5,000. For ECS debit returns, the bank has increased the charge from Rs250 per return to Rs350 with effect from April 1. The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs90 per transaction thereafter (from Rs50 currently).
However, the Bank has withdrawn its charges for all multi-city cheque payments, which is currently charged at Rs3 per Rs1,000 for transactions above Rs50,000.
SBI Cards second initiative called ‘No Income Documents’ aims at making life simple for existing mortgage and auto loan customers of banks
SBI Cards and Payment Services Pvt Ltd has launched two new innovative initiatives.
The first initiative is an innovative customer referral program and has been named ‘Link’. The idea is to provide a compelling platform for existing SBI Cards customers and invite them to refer their friends thereby becoming a SBI Card Link. Customers stand a chance to win exciting rewards and gifts by linking friends to SBI Cards. Each successful Link will also stand to win exciting cash prizes and gifts.
The second initiative called ‘No Income Documents’ aims at making life simple for existing mortgage and auto loan customers of banks as it eliminates the need of providing income documents at the time of applying for a new card. The customer has to simply sign a declaration and provide the KYC (Know Your Customer) documents for enrolment. The customer does not need to provide any kind of income documents to acquire the SBI Card.