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Nabard grants Rs 222 cr for infrastructure development KOLKATA: The National Bank for Agriculture and Rural Development (Nabard) on Thursday said it has sanctioned Rs 222.23 crore for Rural Infrastructure Development Fund (RIDF) of West Bengal. Nabard said the amount was sanctioned for...

Bajaj Allianz Life raises paid-up capital by Rs 175 cr NEW DELHI: Private insurer Bajaj Allianz Life Insurance today said it has made fresh capital infusion of Rs 175 crore to accelerate its growth and services. With this, the capital base grows to Rs 875 crore, Bajaj Allianz Life Insurance...

General insurance posts 11 5% growth till Nov MUMBAI: The general insurance industry grew 11.60 per cent this fiscal till the end of November 2007, with robust performance by private players, including Reliance General which continues to be the fastest growing insurer. The 13 non-life insurers...

LIC to launch health cover on Ulip platform HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform. The new product — Health Plus — marks LIC’s foray into this...

LIC to launch health cover on Ulip platform HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform. The new product — Health Plus — marks LIC’s foray into this...

Star Health launches top-up health policy HYDERABAD: Star Health & Allied Insurance, a stand-alone health insurance company, has introduced a new cover where only exceeding Rs 3 lakh and up to Rs 7 lakh are covered. The policy ‘Star Super Surplus Insurance Policy’ is available at a relatively...

Business mix no mirror to bank's efficiency MUMBAI: Next week when finance minister P Chidambaram reviews the performance of state-owned banks, he may well have to reflect on the fact that balance sheet size is in no way an indicator of the efficiency of a bank. A study of select banks shows...

Bank chairman held in multi-crore scam NAGPUR: The prime accused in the multi-crore Samata Sahakari bank scam, its Chairman Milind Chimurkar was arrested from Ahmedabad by the Nagpur police. Giving details of the police operation, the Additional Commissioner of Police (Crime) Bhushan Kumar...

Indian Bank to recover 670 cr bad loans NEW DELHI: Public sector lender Indian Bank today said it expects to recover 670 crore bad loans during the ongoing fiscal. "So far, we have recovered 440 crore and expect to recover another 230 crore in the next three months," Indian Bank's CMD M S...

RBI to build its IT muscle, plans data centres in Maharashtra MUMBAI: In one of the Reserve Bank of India’s (RBI) largest IT implementations in recent times, the central bank is setting up two large data centres in Maharashtra and overhauling its IT infrastructure, consisting of legacy...

Investments help insurers offset underwriting losses NEW DELHI: Even as 2007 saw plunging premiums and underwriting losses for general insurance companies, it was more than offset by the returns on their investment incomes due to the booming stock market. Companies spread their risks...

Banks may not get to sell multiple insurers products HYDERABAD/MUMBAI: The insurance regulator is of the view that banks cannot be distinguished from other corporate insurance agents that are allowed to sell products of only one insurer. This stance could be a setback for banks which have...

Patients have had to pay cash despite having a cashless mediclaim Cashless hospitalisation is not a new concept anymore. If you have one, you would know that a patient could undergo a treatment at any of the hospitals listed with your insurer without having to pay cash at the time of...

Indiabulls, SocGen arm form life insurance JV MUMBAI: Indiabulls Financial Services (IBFSL) and Sogecap, the insurance arm of Societe Generale (SocGen), have formed a 74:26 joint venture to enter the domestic life insurance market. IBFSL had short-listed German insurance major Ergo and SocGen...

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Insurance sector to touch Rs 2,00,000 cr by 2010: Assocham NEW DELHI: Riding on the back of new players and increasing penetration, the insurance sector is expected to cross the Rs 2,00,000 crore mark in business by 2010, a study by industry body Assocham said on Monday. At present, size of...

Petrol pumps, malls may sell insurance too KOLKATA: Your neighbourhood petrol pumps, vehicle pollution control centres and hyper marts may soon sell motor insurance, simple travel covers and even householder policies. Until now, these were specifically sold by licenced agents and brokers. The...