Polaris unveils ‘Intellect LRM’ solution for banks

Intellect LRM is the new state-of-the-art liquidity risk management solution meant to improve the bank’s ability to monitor internal liquidity

Financial technology company Polaris Software Lab has launched 'Intellect Liquidity Risk Management (LRM)' solution for banks and financial institutions to help them comply with BASEL III regulations.

BASEL III provided by the Basel committee helps banks and financial institutions enhance the regulatory framework.

"Intellect LRM is the new state-of-the-art liquidity risk management solution meant to improve the bank's ability to monitor internal liquidity," Polaris said in a statement.

"In light of Basel III regulations, the launch of Intellect LRM is just in time. The solution is created from the best practices in global risk and treasury management assimilated over years of working with top tier banks in 80 countries," the Polaris Software Lab Chairman and CEO, Mr Arun Jain, said.

Meanwhile, the company in another statement said it has appointed Mr Pranav Pasricha as Global Head of its insurance business.

Prior to his new post, Mr Pasricha was the Head of Strategy and operations for QBE Insurance Group.

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General insurance industry’s premium income up 20% in April

The total gross premium of 23 players in the non-life insurance market rose by 20% to Rs5,252.24 crore in the first month of the current fiscal, from Rs4,381.49 crore in April 2010

The general insurance industry, comprising four public sector entities, grew by 20% in April this year compared to the same month last year.

The total gross premium of 23 players in the non-life insurance market rose by 20% to Rs5,252.24 crore in the first month of the current fiscal, from Rs4,381.49 crore in April 2010, as per the Insurance Regulatory and Development Authority (IRDA) data.

The four PSU entities-National Insurance, New India Assurance, Oriental Insurance and United India Insurance-saw their gross premium collection rising by 14.45% YoY to Rs2,956.55 crore in April. At the end of April, the four entities accounted for over 56% of the total general insurance industry.

Amongst the private sector players, ICICI Lombard saw its premium income rising by 20% to Rs587 crore. The premium income of HDFC Ergo grew by 43.37% to Rs230.05 crore and that of Reliance General Insurance by 52% to Rs210.64 crore in April.

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Tata Power launches Rs1,500 crore debenture issue

The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company

Tata Power has issued debentures worth Rs1,500 crore with a view to secure long-term funding for its projects.

"Tata Power has launched an offering of perpetual debentures of Rs1,500 crore. The mandated joint lead arrangers for the issuance are Standard Chartered Bank and Yes Bank Ltd," the company said in a statement.

"This innovative long-term funding with equity features but without the associated economic dilution helps to diversify our financing options," the Tata Power executive director-finance, S Ramakrishnan, said.

The unique features of the debentures are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company.

Perpetual capital instruments are a form of debt with equity-like features and provide several benefits to issuers.

They allow a better balancing of capital structure, enhance financial flexibility, expand the choice of instruments that can be issued to access debt markets and enable diversification in the investor base.

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