Kotak Bank sets Rs 100 crore to beef up retail operations
Mumbai: Kotak Mahindra Bank Ltd, which has received the Reserve Bank of India’s approval for setting up a bank, will open its first branch at Nariman Point, Mumbai on March 31, 2003.
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RBI issues new norms on repos transactions
Mumbai: The Reserve Bank of India on Monday issued guidelines on uniform accounting policies to be followed by market participants for repos and reverse repos transactions.
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ING Vysya readies pension, group insurance products
Mumbai: ING Vysya Life Insurance Company Pvt Ltd, the joint venture between ING Insurance International BV, ING Vysya Bank and the GMR Technologies and Industries Ltd, is planning to come out with products for the pension and the group insurance segment within the next 12 months.
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ICICI Lombard OTC sales top 50,000 policies
New Delhi: ICICI Lombard General Insurance on Monday claimed that that the initial response to its over-the-counter products has been very positive, contributing 30 per cent of its non-motor retail sales.
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BoB commits Rs 100 cr for India Development Fund
Mumbai: Bank of Baroda on Monday said that it has committed Rs 100 crore to the India Development Fund.
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i-flex solution for Kotak bank
Bangalore: i-flex Solutions has announced that Kotak Mahindra Bank has selected its flagship product, Flexcube, for its core-banking operations.
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BOB to sell ING Vysya insurance products
Mumbai: Bharat Overseas Bank (BOB) entered into a Memorandum of Understanding (MoU) with ING Vysya Life Insurance on Monday to promote the latter's insurance products across its branches.
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New IRDA non-life brokerage norms - `No payment for business from Govt, PSUs'
New Delhi: As per the new guidelines on general insurance contracts, insurance brokers cannot charge brokerage or commission on the business of Government and public sector undertakings.
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Insurance cos: Divestment clause looms large for foreign promoters
New Delhi: For foreign promoters of Indian insurance companies, the euphoria over the move to hike foreign direct investment (FDI) cap in insurance to 49 per cent could be short-lived, with the Government proposing to slap the mandatory divestment clause on them as is currently applicable to Indian promoters.
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State Bank, BoB get nod for offshore branches in SEZs
Mumbai: State Bank of India (SBI) and Bank of Baroda (BoB), the two largest public sector banks, have received RBI licence to set up offshore banking units (OBUs) in special economic zones (SEZs).
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