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Re-fixing
of commissions — Brokers upset over IRDA fiat
Chennai: Thenotification issued last month by the
Insurance Regulatory and Development Authority (IRDA),
banning all Government and public sector business to brokers
and re-fixing the brokerage allowable for tariff lines,
has created a good deal of consternation among the brokers.
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Murugappa
group to get Rs 33 cr from Mitsui
Chennai: The Murugappa group will get $7 million
(about Rs 33 crore) from Mitsui Sumitomo Insurance Company
of Japan, for stake in the insurance joint venture, Cholamandalam
MS General Insurance Company Ltd.
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ICICI
Bank withdrawals overshoot by Rs 150 cr
Mumbai: Withdrawals from ICICI Bank overshot the
normal level by Rs 150 crore over the past three days
after the bank was hit by rumours of a cash crunch, bank
officials confirmed.
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Syndicate
to drop StanChart — Plans tie-up with Visa for own
cards
Hyderabad: The Manipal-based Syndicate Bank has
decided to sever its ties with Standard Chartered Bank
pertaining to credit cards.
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Banks
urged to improve priority sector lending
Public sector banks in the country need to pay more attention
to the agricultural and SSI sectors, according to the
Secretary (Banking and Insurance) to the Union Ministry
of Finance, Vineeta Rai.
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IFCI
to be split into two — Plan entails segregating good
and bad assets
New Delhi: As part of its plans for restructuring
the financial institutions of the country, the Ministry
of Finance has decided that IFCI would be split down the
middle by segregating the good assets and the bad assets
into two entities.
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