3 february 2002

lic mops up rs 10,680 crore 1st year premiums
mumbai: the life insurance corporation of india (lic) has mopped up rs 10,679.74 crore in first year premium in the nine and half months of the current fiscal.

the increase in mobilisation of premium till 15 january 2002 reflects a growth of 279.52 per cent over the corresponding period last fiscal when lic mopped up a little under rs 2,814 crore.

the growth in lic's performance is a result of the high returns that were being offered by lic on several of its schemes, and the rush to avail of the high returns before withdrawal of the plans.

the growth has been maximum in individual pension plans, with lic mopping up over rs 2,558.61 crore in first premium income, reflecting a growth rate of 1,067 per cent. it sold more than 6.87 lakh policies during the period ended 15 january 2002.

2 february 2002

union bank's profit up 77.4%
chandigarh: union bank of india has recorded rs 99 crore net profit during the third quarter ended december 2001 against rs 55.80 crore in the corresponding period of the previous year, an increase of 77.4 per cent.
the operating profit was up 63 per cent increasing to rs 225.40 crore from rs 138.50 crore.

the total income of the bank has shown a growth of 14.7 per cent during the nine months rising to rs 3,345 crore from rs 2,916 crore.

the aggregate deposits went up by rs 3,000 crore reaching rs 36,750 crore - an increase of 9 per cent till december 2001. the year on year growth over december 2000 was 15 per cent.

in advances the bank achieved a year on year growth of 24 per cent with total advances being rs 20,860 crore, an increase of 15 per cent.

rabo to set up rural mktg centres
new delhi: rabo india finance pvt ltd is in talks with companies like mahindra & mahindra, escorts and rallis for setting up agri-service centres in rural areas.
the finance company is offering a 28-29 per cent return for companies investing in such centres. thus, the investments would attain break-even in about three years.

each of these centres could cost between rs 10 lakh and rs 50 lakh.

rabo india wants the government to be a minority stakeholder in these centres and declare these as infrastructure projects.

the centre would not only store products that are consumed in rural markets but also provide information to farmers about crops, arrange credit and sell other services like insurance.

31 january 2002