Irda to relax norms for health policies 
New Delhi: Insurance Regulatory and Development Authority chairman N Rangachary said that the authority was going to relax the norms for riders on life insurance policy, especially if the riders relate to health policies. 
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BoI kicks off pilot project for inter-branch networking 
Mumbai: As part of its technology drive, Bank of India has decided to launch a pilot-project in Maharashtra whereby wireless protocol will be used to connect 75 of its rural branches. 
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Insurers plan catastrophe, consumer protection funds 
New Delhi: The insurance industry will soon approach the Union government and the regulator for setting up a Catastrophe Fund and a Policyholders Protection Fund to safeguard the interest of investors as well as ensure that unforeseen events do not affect insurers adversely. 
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GIC, subsidiaries to hold 70% stake in crop insurance co 
Mumbai: General Insurance Corporation and its four subsidiaries will hold 70 per cent stake while RBI subsidiary Nabard will pick up the remaining 30 per cent in the crop insurance company expected to start operations by January next. 
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Magma Leasing to focus on retail financing
Kolkata: Following a surge in disbursements from Rs 226.29 crore (annualised) in the previous year to Rs 335 crore in 2001-02, an increase of 48 per cent, Magma Leasing Ltd has projected a business of Rs 600 crore for the current financial year. 
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Rules notified for NPA sale - Banks now better equipped to pursue loan defaulters
New Delhi: The Ordinance for recovery of bad debts has now been fully operationalised with the Ministry of Finance notifying the rules for taking possession and subsequent sale of assets of defaulters. 
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RINL to roll over CP plan for another 90 days
Kolkata: Srei Capital Markets, a member of the Srei International Finance Group, which acted as fund manager for the first phase, has taken up the rollover assignment to market the CPs to various investors. 
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Errant co-op banks `let off' by AP Govt
Hyderabad: The Andhra Pradesh Urban and Town Co-operative Banks' Association has accused the State Government of failing to act against eight urban co-operative banks on the verge of collapse and found to be indulging in malpractices. 
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Bandh hits banking operations in Mumbai
Mumbai: Banks wore a desolate look and clearing operations were disrupted on account of the nationwide `bandh' called for by the Vishwa Hindu Parishad and backed by the Shiv Sena in Mumbai yesterday. 
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At 62%, foreign stake is highest in banking
Mumbai: Post deal, ICICI Bank - India's second largest bank - has now become the only bank to have a majority foreign holding. The equity placement with FIIs has hiked the combined foreign holding, including ADRs, in the private bank to over 62 per cent from 45.85 per cent. 
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