NPS subscribers can select annuity service provider says PFRDA

IRDA approved LIC, SBI Life, ICICI Prudential Life, Bajaj Allianz Life, Star Union Dai-ichi Life and Reliance Life Insurance to provide annuity services to NPS subscribers

Mumbai: Subscribers of the National Pension System (NPS) have a choice of six annuity service providers from whom they can select their annuity schemes on exit from the NPS on attaining the age of 60.

According to a release from the Pension Fund Regulatory and Development Authority (PFRDA), six life insurers have been approved by Insurance and Regulatory Development Authority (IRDA) for providing annuity services to the NPS subscribers. The six insurers are: Life Insurance Corp of India, SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Star Union Dai-ichi Life Insurance and Reliance Life Insurance.

Under the provisions of the NPS, 60% of corpus accumulated at the time of exit-normally on attaining the age of 60-can be withdrawn. However, 40% corpus has to be utilised for purchasing an annuity from one of the six empanelled annuity service providers.

NPS subscribers can choose any of the six insurers and can also select one of the annuity schemes from amongst those being offered by them.

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DGH rejects commerciality of RIL gas finds in Mahanadi basin

DGH told Reliance that its two discoveries had already been reviewed and rejected by the management committee and no fresh meeting would be convened

New Delhi:  Upstream oil watchdog, the Directorate General of Hydrocarbons (DGH) has refused to recognise two significant natural gas discoveries that Reliance Industries Ltd (RIL) had made in a Mahanadi basin block, because the company failed to conduct its prescribed test to ascertain the find, reports PTI.

The DGH in March this year told RIL that Dhirubhai 32 and 40 (D-32 & D-40) gas finds in the Mahanadi basin block NEC-25 (NEC-OSN-97/2) cannot be recognised as a discovery because RIL had not carried out drill stem tests (DSTs) on them, sources said.

RIL says the two finds, on which it had conducted other tests, may hold 663 billion cubic feet of gas reserves and can produce 170 million standard cubic feet per day from six wells.

It had proposed an investment of $1.17 billion in developing the finds and another $23.5 million annual operative expenditure in producing 476 billion cubic feet of gas over the life of the field.

Sources said RIL wrote to DGH seeking a re-look at the Declaration of Commerciality (DoC) of D-23 and D-40 finds but the upstream regulator turned that down saying without DST tests it cannot declare the two finds commercially viable.

DoC is a pre-requistie for developing a find, and unless the regulator and the government gives DoC, no operator can invest any money.

DGH told the company that two discoveries had already been reviewed and rejected by the block oversight committee, called the Management Committee (MC). The panel is headed by DGH and also includes representatives from the Oil Ministry.

RIL, the operator of NEC-25, had asked DGH to reconvene a meeting of the committee so that the two finds could be recognised. It had argued that the refusal to recognise the two discoveries was delaying the flowing of first gas from the block.

To expedite the development of the block, RIL said it was necessary that the DoCs were issued at the earliest.

Sources said RIL claimed that a DST was not a conclusive test for a discovery, for it provides information only on the initial well production rate around the wellbore and not on the sustained field production rate.

It claimed that based on the results of DSTs carried out in 25 wells in the area -- including the neighbouring Krishna Godavari basin -- it had integrated several sets of data to prove the discoveries.

The operator argued that there was no need for carrying out any further DSTs as the flow rates for the two discoveries could be derived from the existing data. But DGH stood firm and said no fresh MC meeting would be convened, they added.

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HDFC Q4 net profit up 16% at Rs1,326 crore

During the fourth quarter, HDFC registered a 29% increase in its total revenues to Rs4884.7 crore

Mumbai: Housing finance lender HDFC Ltd on Monday reported 16% jump in net profit at Rs1,326.14 crore for the fourth quarter ended March 2012, reports PTI.

The company had net profit of Rs1,141.95 crore in the January-March quarter of the previous fiscal, HDFC  said in a filing to the BSE.

Its total income rose to Rs4,884.7 crore in the quarter ended March from Rs3,774.1 core in the corresponding period a year ago, registering an increase of 29%.

The board proposed a dividend of Rs11 per share on the face value of Rs2 each for the financial year 2011-12.

For the entire fiscal ended March 2012, the company reported a 17% rise in net profit at Rs4,122.6 crore, compared to Rs3,534.9 crore in 2010-11. During the year, its total revenues improved to Rs17,332.9 crore from Rs12,878.9 core in 2010-11. Net Interest Margin of HDFC stood at 4.4% at the end of March 2012.

Loan approvals during the year were Rs90,154 crore as compared to Rs75,185 crore in the previous year, representing a growth of 20%.

At the same time, loan disbursements during the year grew by 18% to Rs71,113 crore as against Rs60,314 crore in the previous year.

As at March 2012, the loan book stood at Rs1,40,875 crore as against Rs1,17,127 crore in the previous year, an increase of 20%. During the year, HDFC sold loans amounting to Rs4,978 crore.

With regard to asset quality, gross non-performing loans stood at Rs1,069 crore at the end of 2011-12. This is equivalent to 0.74% of the portfolio.

On consolidated basis, the net profit of the bank increased 21% in 2011-12 to Rs5,462.5 crore, against Rs4,528.4 crore in the previous financial year.

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