Sicom To Close Down Housing Finance Arm
Sicom Ltd, has decided to exit from the housing finance sector and close down the operation of its arm, Sicom Housing Development Finance (SHDF).

Sicom Ltd has also decided to sell SHDF whicha share capital of Rs 8.75 crore and an asset base of Rs 10 crore. Its employee strength is 25.
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Corporation Bank instals ATM in Chandigarh
Corporation Bank has installed its first ATM in Chandigarh at its branch in Sector 8.

The branch was inaugurated by TV and cinema personality Jaspal Bhatti.

The bank had entered into a strategic alliance with LIC on June 6 whereby the latter obtained 27 per cent of the stake in the bank.In terms of the MoU, the bank can now explore possibility of opening its extension counters, branches and installation of ATMs at premises of LIC, which has over 2,100 offices countrywide.
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KMFL to convert into bank by year-end
Kotak Mahindra Finance, a non-banking finance company, expects to convert itself into a private bank by end-December and may relocate some of its branches.

Currently, the company is looking into technical aspects like conversion of the balance sheet of NBFC into that of a bank.
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IRDA fixes cap on rider charges
Insurance companies can now charge a maximum of 30 per cent of the premium of the main product for all riders attached to any policy.

The cap has been put in place by the Insurance Regulatory and Development Authority (IRDA) in its Protection of Policyholders' Interests regulations.

The IRDA said that the insurer would also have to clearly spell out to the customer all allowable riders on the product and their benefits.
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Om Kotak Mahindra launches policy for kids
OM Kotak Mahindra Life Insurance Company has launched a new children's policy.

Called Kotak Child Advantage Plan K-CAP, the policy is aimed at parents to secure the future of their children.

"Flexibility, affordability and customisation are the three principles on which we built this product,'' said Mr Shivaji Dam, Managing Director, Om Kotak Mahindra Life Insurance.
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Andhra Bank to focus on MFs
Andhra Bank, the Hyderabad-based premier public sector bank, has chalked out a strategy to substantially enhance its non-interest income levels.

The bank has recently signed a MoU with United India Insurance Company Ltd for marketing its general insurance products as a corporate agent, Andhra Bank also plans to market life insurance products and mutual funds.
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IFCI board discusses McKinsey report
The IFCI board, which met today to consider the McKinsey report and discuss the future business plan, felt that it is imperative for the institution to move away from the hitherto-pursued, single-product focussed institution towards a more broad-based approach with diversified sources of revenue.
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IDBI Bank launches new scheme
In a bid to increase its low cost deposits, the IDBI Bank has launched a new scheme, which allows a current account holder to get certain services free of charge, provided there is a certain minimum balance in the account.

Announcing this to the press, Mr J. Venkataramanan, Head-Retail Banking (South), said that if a customer kept a quarterly minimum balance of Rs 1 lakh in his current account, he would get a slew of services free of charge. These would include free DDs up to Rs 1.5 crore per month on (IDBI Bank locations in 61 cities), free electronic funds transfer up to Rs 1.5 crore per month (on IDBI Bank locations), free pay orders and free statement of accounts. The bank calls this scheme `Business Premium Current Account'.
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Birla Corporation stock hits new high
The Birla Corporation stock today touched its 52-week high on the Bombay Stock Exchange (BSE) at Rs 27. It, however, closed at Rs 25.50, slightly up from its previous close. The counter attracted a volume of over 1.38 lakh shares on the BSE.

The stock has been witnessing upward movement in the last one month with a gain of around 51.34 per cent. On May 21, the scrip had closed on the BSE at Rs 16.85 and on June 14 it finished at Rs 20.90. On the NSE today, it attracted a volume of 2.52 lakh shares.
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ING in talks with IRDA on life venture stake
The ING Group may either rope in another partner for its insurance venture - ING Vysya Life - or divest part of its stake to the Indian partner.

With the group hiking its share in the bank to 43 per cent, its 26 per cent holding in the insurance company will also increase correspondingly. Foreign partners are allowed to hold only up to 26 per cent stake in the insurance venture.
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