StanChart setting up NBFC
New Delhi: Standard Chartered banking group is setting up a non-banking financial company (NBFC) in India with an investment of $50 million. The $50 million will be bought in, in two forms: $25 million each will come in as equity and unsecured convertible debentures.

The wholly owned subsidiary will undertake non-banking finance activities directly or through subsidiaries. Its activities would include commercial investments, business and management consultancy, leasing and financing. The company has approached the finance ministry for permission to set up the venture.

Sources said the investment would be made within the stipulated period of two years, as per the guidelines for foreign direct investment in the NBFC sector.
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Kotak Mahindra offers home finance products
Mumbai: Kotak Mahindra Bank has launched a slew of home finance products, which include home loans, home equity loans, home loan transfer and home improvement loans.

These will be offered through its branches in Mumbai and Delhi.
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Tata AIG introduces health insurance with life cover
Mumbai: Tata AIG Life Insurance Company Ltd has come out with a health insurance plan with life cover, called the Tata AIG `Health First'.

The product will provide a complete cover for prolonged hospitalisation, including major surgery or a critical illness, according to Mr Ian Watts, managing director, Tata AIG Life.

Among the unique features of this policy is that a lump sum allowance is paid irrespective of the actual medical or hospitalisation expenses. The plan is also renewable till the age of 65 years, without any medical examination, with premiums increasing only once in every five years," he said.

Policyholders will be able to make multiple claims till their lifetime cover is exhausted. The plan also has an in-built death cover, which is paid in the event of death of the policyholder.

Tata AIG `Health First' plan holders can go to any of the 280 hospitals that are part of the list of the approved hospitals.
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Indian Bank to offer products to suit customers
Coimbatore: Indian Bank has offered customize its products to suit the requirements of borrowers.

Besides creating awareness for its basket of offerings, the bank sought to elicit the response from the market to enable it to restructure its schemes accordingly.
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