Muthoot Fincorp ties up with MoneyGram for global money transfer services

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Muthoot Fincorp, engaged in the financial services segment, has entered into an alliance with the global instant money transfer brand, MoneyGram, through UAE Exchange.

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Mr Thomas John Muthoot, CMD, Muthoot Fincorp, said the strategic alliance would combine the companies' strengths, MoneyGram's global presence and Muthoot Fincorp's pan-India branch network.

Muthoot Fincorp Ltd, part of the Muthoot Pappachan Group, is a provider of finance in the form of gold loans and a host of other financial products.

User

Postal savings scheme collections at Rs 2,74,720 crore in 2011

“Central and state governments take various measures from time-to-time to promote and popularise small savings schemes through the print and electronic media”: Sachin Pilot, Minister of State for Communications and IT

The government today said gross collections under various small savings schemes of the Indian Post increased by about 9% to Rs 2,74,720 crore in 2010-11 in comparison to the previous year.

"The gross collection under various small savings schemes during 2009-10 and 2010-11 were Rs 2,50,931 crore and Rs 2,74,720 crore (provisional), respectively," Minister of State for Communications and IT Sachin Pilot said in a written reply to the Lok Sabha today.

"The gross collection has registered an increase of 8.78% compared to the previous year's collection," he added.

"Central and state governments take various measures from time-to-time to promote and popularise small savings schemes through the print and electronic media, as well as holding seminars, meetings and providing training to various agencies involved in mobilising deposits under various small savings schemes," he said.

Responding to another question, Pilot said 24,015 post offices have been computerised and upgraded.

In addition, under the "look and feel" component of the Indian Post's 'Project Arrow', 1,530 post offices have been given a face-lift, he added.

Pilot said Rs 228.50 crore was allocated for the project in 2008-09, Rs 178.01 crore in 2009-10, Rs 244.64 crore in 2010-11 and Rs 88.38 crore during 2011-12.

User

Thomson Reuters launches world's first Islamic Interbank Rate

The new benchmark can be used to price a number of Islamic instruments including common overnight to short-term treasury investment and financing instruments

Thomson Reuters has launched the world's first Islamic finance benchmark rate, designed to provide an objective indicator for the average expected return on Shariah-compliant short-term interbank funding. The Islamic Interbank Benchmark Rate (IIBR) uses the contributed rates of 16 Islamic banks and the Islamic sections of conventional banks to provide a reliable and much-needed alternative for pricing Islamic instruments to the conventional interest-based benchmarks used for mainstream finance.

Established in co-operation with the Islamic Development Bank (IDB), Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Bahrain Association of Banks (BAB), Hawkamah Institute for Corporate Governance and a number of major Islamic banks, the IIBR harnesses Thomson Reuters global benchmark fixings infrastructure which is used to compile over 100 fixings around the world.

Rates for Shariah-compliant US dollar funding will be contributed by the 16-member panel in the morning each business day to Thomson Reuters systems and will be published daily on Thomson Reuters terminals and feeds at 11.00am Makkah time (GMT+3). The new benchmark can be used to price a number of Islamic instruments including common overnight to short-term treasury investment and financing instruments such as Murabaha, Wakala and Mudaraba, retail financing instruments such as property and car finance, and sukuk and other Shariah-compliant fixed income instruments. It can also be used for the pricing and benchmarking of corporate finance and investment assets.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)