has global aspirations
mumbai: the newly-appointed chairman of the industrial
development bank of india (idbi), padmanabha p. vora wants to make
it a global player.
" my desire is to
take idbi on the road to universal banking. in the changed market
scenario, cost of funds, operating cost and the spread are factors
extremely critical in determining the profitability of the
institution and universal banking provides it with
flexibility," mr. vora told media persons here.
he said idbi would also
like to tap financing of pharmaceuticals, telecom, consumer goods,
housing and infrastructure which offer opportunity for growth in
business and profitability.
"housing offers good
growth potential and idbi already has plans to enter this
business. the sector is expected to grow at 25 to 30 per cent per
annum,'' said mr. vora who was the head of the national housing
bank before assuming charge at idbi.
5 sept 2001
premium payments through net soon
chennai - life
insurance corporation has entered into tie-ups with two payment
gateways to enable its policy-holders pay premium through the
internet. addressing a press conference here, lics south
central zonal manager madan mohan mukherjee said the required
infrastructure and machinery were being set up at divisional and
mr mukherjee said with a view to facilitating reduced response
time in service delivery the lic would set up a toll-free
telephone line, call centre in the divisional office and revamp
the grievance redressal machinery.
lic also plans to expand the number of metro area network (man)
centres and introduce interactive voice responsive system (ivrs)
centres across the country.
in the south central zone, lic has 93 branches connected with man
centres in the zone, proposed to expand them by another 79
branches in these centres and 78 new man centres at new branches
in the zone.
the corporation has tied up with two payment gateways --
billjunction.com and timesofmoney.com -- for enabling the
policy-holders to pay premium through the internet. lic has also
tied up with icici bank, hdfc bank, uti bank and bank of punjab
for remitting premium of their customers and debiting their
account after the remittance.
4 sept 2001
no rebates on commission from private insurers
mumbai - private
sector life insurance companies have stopped the age-old practice
begun by life insurance company of rebating on commission of
agents to lure new policy-holders. it is learnt that om kotak life
insurance has sacked two agents who passed on their commission to
their customers as an incentive to buy insurance policies. other
life insurers like birla sun life and icici prudential are issuing
strict directives to their agents.
says a top official with an insurance company, "our agencys
force should be professional enough to be called advisers, and we
want them to earn their commissions by providing proper
considering that commissions go up to 35 per cent in the first
year, rebating of commission can make a significant difference in
the returns to an investor in a life insurance policy and some
agents are willing to forego a significant chunk of their first
years commission as they are assured of steady commission
payments through future installments.
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