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Investment-cum-protection
range from Om Kotak
New Delhi: OM Kotak Mahindra Life Insurance on
Saturday launched a new market-linked, investment-cum-protection
product. It offers to invest in the capital market and
gain market-linked returns. The premiums paid were converted
into units and invested in any one or a combination of
four professionally managed funds selected by the policy-holder,
managing director Shivaji Dam said.
Vice-president, marketing, Ashutosh Bishnoi said the product
could give higher returns vis-a-vis fixed deposits and
still allowed the policy-holder to take risk without fear
of losing the initial capital. It had the added benefit
of life cover and tax-free returns, he elaborated. The
managed funds will be money market, gilt, balanced or
growth-based.
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LIC
western zone business rises
Mumbai: The Life Insurance Corporation of India's
western zone has scored over the other zones by clocking
a business of Rs 37,303 crore, in the year 2002-03. In
absolute volume of first premium income, the zone occupied
first position with a total first premium of Rs 2,347
crore, said a press release. It achieved the highest growth
rate of the decade at 12.48 per cent by selling 40.09
lakh policies. In the area of individual pension and single
premium policies, Rs 1,107.73 crore worth of first premiums
were collected. Under the pension and group business category,
the zone covered 4.86 lakh lives with Rs 693 crore of
total premium under 2,311 schemes. The western zone appointed
51,901 agents during the year taking the total number
of agents in the zone to 1,68,195.
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RBI
staff call off stir
Kochi: The strike by the All India Reserve Bank
Employees Association and the Reserve Bank Workers Federation
has been called off. The organisations were on strike
in protest against the stopping of the currency note inspection
department in the Reserve Bank and destroying of notes
without inspection. The strike has been called off following
the settlement reached at the discussion between the Reserve
Bank Governor and representatives of the organisations,
a release issued here said.
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S.
Korean co enters race for ATM share
Mumbai: Competition in the Indian ATM market is
expected to get hotter with the entry of one more player
in the field. Nanocash 3000, a `table-top' ATM manufactured
by Nautilus Hyosung, a South Korean company, was just
launched in the Indian market, which is dominated by NCR
and Diebold brands. The compact machine, which weighs
90 kg, can be installed on shop counters. The small size
(630 mm in height, 344 mm in width and 550 mm in depth)
makes the machine suited to installation in public areas
such as shopping malls, railway stations and hospitals.
The machine uses a PC-based platform and a Windows user
interface. The application software developed by TIPL
has NDC emulation, which allows connection to an NDC network.
The company is also working to develop Diebold 911/912
emulation that would greatly enhance its usability.
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Rural
development banks bag awards
Hyderabad: The Uttar Pradesh-based SGV Bank has
been selected for the Government of India Trophy for the
best all round performance. At the board meeting of National
Co-operative Agriculture and Rural Development Banks'
Federation Ltd (Ncardbf) held here, the Principal Secretary,
Cooperatives, Andhra Pradesh, Bhale Rao, presented the
awards to various State-level development banks (SLDBs).
Apart from the Best All Round Performance Trophy, the
SGV Bank has also bagged the Punjab Chief Minister's Trophy
for Best Recovery Performance and also the Venkataratnam
Memorial Trophy for Best Bank in Category-I.
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