PERSONAL FINANCE


MDT/PTI 23 August 2012
“Our bank’s FRTD (floating rate interest on retail term deposits) would allow our customers to take advantage of interest rate changes without closing and rebooking their fixed deposits,” IDBI Bank chairman and managing director R M Malla said Mumbai: State-run IDBI Bank became the first...

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MDT/PTI 23 August 2012
“Rs752,44,57,414.03 is the amount lying in all inactive (silent) accounts as on 31 March 2011 in 2,49,59,446 accounts,” telecom minister Kapil Sibal said in a written reply to Lok Sabha New Delhi: The government today said around Rs752 crore is lying as unclaimed deposits in more than...

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MDT/PTI 23 August 2012
“We are looking for a bank partner of significant size and are in touch with a couple of banks for alliance,” Reliance Life president and executive director Malay Ghosh said New Delhi: Leading private insurer Reliance Life has begun talks with a few banks for sale of minority stake of up...

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MDT/PTI 23 August 2012
The high level committee on external commercial borrowings which met last evening also permitted FIIs to invest up to $5 billion in rupee bonds within the overall corporate bond limit of $45 billion    New Delhi: Liberalising overseas borrowing norms, the government on Wednesday...

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Moneylife Digital Team 23 August 2012
Of late, there is a disturbing trend where vacancies for officers in public sector banks are plenty but there are no takers, says an editorial in Officers’ Voice, Journal of Corporation Bank Officers’ Organisation     Corporation Bank (and other public sector banks alike) faces a new...

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MDT/PTI 22 August 2012
Bank officers rejecting education loan applications without sufficient reasons would be penalised   New Delhi: Making sure that education loans are not denied to eligible students, Finance Minister P Chidambaram has said bank officers rejecting applications without sufficient reasons...

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MDT/PTI 20 August 2012
The Anil Ambani-led Reliance Life is launching the salary-based insurance agent drive in semi-urban and rural areas   Bangkok: Taking cue from its Japanese partner Nippon Life's strategy, India's Reliance Life is introducing fixed salary for insurance advisors to reduce attrition and...

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MDT/PTI 20 August 2012
The Labour Ministry has sent a proposal to the Finance Ministry to fix minimum pension of EPFO subscribers at Rs1,000 per month, irrespective of their contribution towards the scheme New Delhi: Subscribers of the retirement fund body Employees Provident Fund Organisation (EPFO) may soon...

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Moneylife Digital Team 20 August 2012
Employees from around 47 banks are planning to go on a two-day strike on 22nd-23rd August to protest the proposed reforms in the banking sector and outsourcing of jobs   Around 10 lakh bank employees and officers working in 27 public sector banks including State Bank of India (SBI)...

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MDT/PTI 20 August 2012
Canara Freedom Suraksha is a life insurance cover of Rs1 lakh offered for all its savings bank customers and covers both natural and accidental death   Bangalore: State-run Canara Bank is launching "Canara Freedom Suraksha", a life insurance cover of Rs1 lakh for all its savings bank...

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Can India keep running away from Bharat? “Things are really getting bad, aren’t they?” asked a retired captain of a ship, talking about how the economic downturn is forcing companies to cut costs. Two of his neighbours, both working in blue-chip listed companies, he says, were asked to...

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Reliance Life Plus has launched a major initiative to forge a closer relationship with its customers by meeting them at least one more time beside the premium collection visit. But as Moneylife’s cover story in April this year showed, it has to correct past mischief first Reliance Life...

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Moneylife Digital Team 17 August 2012
New products, regulations, features and options, interpreted from your perspective Insurance Transparency: United India forced to disclose data In a landmark judgement, Central Information Commission (CIC) directed United India Insurance Company (United) to mandate all the branch...

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MDT/PTI 17 August 2012
Tata AIA's Maha Raksha Supreme comes with a minimum sum assured of Rs50 lakh and offers special rates for women and non-smokers   Mumbai: Private insurer Tata AIA Life Insurance has launched 'Maha Raksha Supreme', a non-linked, non-participating term insurance plan that offers...

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MDT/PTI 17 August 2012
Through a personalised service of claims assistance manager, Bharti AXA customers will get the counsel of expert personnel to guide them to take their claims to the logical conclusion   Mumbai: In a bid to reduce procedural bottlenecks, private insurer Bharti AXA Life Insurance has...

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MDT/PTI 17 August 2012
Under the new initiative it would be mandatory for Reliance Life's 1.5 lakh representatives, including employees, advisors and channel partners, to visit its policyholders at least once in year   Bangkok: Private insurer Reliance Life has said its representatives would meet more than...

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Policyholders often have go to courts to receive their claims   In my previous article (Moneylife, 9 August 2012), I had stated that a contract of insurance is one of utmost trust and a proposer should truthfully make full disclosure. The corollary question that arises is: Do...

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MDT/PTI 14 August 2012
Banks will have to pay the compensation at savings bank interest rate in absence of a specified rate, for delayed clearance of local cheques, says RBI Mumbai: In a big relief to the bank customers, the Reserve Bank of India (RBI) has asked all banks to compensate them for delay in...

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MDT/PTI 14 August 2012
IRDA has found lapses in various rules, including non-adherence to norms of referrals and preparation of financial statements, by Tata-AIG Life Insurance Company New Delhi: The Insurance Regulatory and Development Authority (IRDA) has slapped a penalty of Rs49 lakh on Tata-AIG Life...

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MDT/PTI 14 August 2012
Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status Mumbai: Apollo Munich Health Insurance has launched 'Optima Senior' for citizens above 61 years of age, reports PTI.   "With the onset of retirement, most people...

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