Pochampally weavers get Nabard support
Hyderabad: The National Bank for Agriculture and Rural Development (Nabard) has extended financial support for registering the products of the Pochampally Handloom Weavers Cooperative Society and Pochampally tie and dye
Sarees Manufacturers' Association under the Geographical Indications of Goods (Registration and Protection) Act, 1999.

The bank is utilising the services of the Andhra Pradesh Technology Development and Promotion Centre for this purpose. According to a Nabard release here on Wednesday, the registration will prevent unauthorised use of Pochampally designs and brands and enhance market opportunities for the products both in the country as well as abroad. Nabard has launched Pochampally Handloom Silk cluster last year with a view to develop the products as a globally preferred tie and dye silk handloom textiles.
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Pravasi insurance counter at NIC
Thiruvananthapuram: Kerala Labour Minister Babu Divakaran has inaugurated the agency counter set up by the divisional office of the National Insurance Company to vend the Bharatiya Bima Yojana policies to those going abroad for employment. The agency counter is ideally located, thanks to the proximity to the Office of the Protector of Immigration at Thycaud here, according to Mr M.P. Ramkumar, Senior Divisional Manager, National Insurance Company.

In his speech delivered at the inaugural ceremony, the Labour Minister said the benefit of this unique insurance policy should be extended to all `pravasis' in foreign locations, and not just to those who leave these shores for employment. He intended to take up this issue in New Delhi where he would attend the annual Pravasi Bharatiya Divas celebrations scheduled to be held from January 9 to 11. The Prime Minister, Mr Atal Bihari Vajpayee, will inaugurate the celebrations. B Vivek, the president of All-Kerala Recruiting Agents Association, spoke on the occasion.
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Lord Krishna Bank opens two branches in NCR
Kochi: Lord Krishna Bank has announced the opening of two new branches in the National Capital Region, at Karol Bagh and Ghaziabad. With the launch of these two branches, the bank's national network has grown to 103, of which 12 are in the Delhi region, a press release from the bank has said.

The launch also highlights the bank's focus to tap the potential in the Northern markets. "As part of our series of new initiatives to make Lord Krishna Bank a truly national bank, we are currently focusing on Northern India and the National Capital Region is a key market for us. We have 12 branches in NCR that will not only enable us to service our existing customers, but will also attract new customers to the bank," Mr Vipin C. Marwah, General Manager of the bank said.
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Narmada Chematur paper upgraded
Mumbai: ICRA has upgraded the rating assigned to the Rs 25-crore commercial paper (CP) programme of Narmada Chematur Petrochemicals Ltd (NCPL) from `A1' to `A1+'. Although the revised rating indicates the highest safety, the relative degree of safety regarding the timely servicing of interest and principal as per terms, however, has improved marginally since the earlier rating was assigned.

The rating upgrade, according to an ICRA statement, takes into account the comfortable liquidity position of the company as well as the improvement in its capital structure. It also factors in the favourable demand outlook for its major products, the satisfactory production performance at both its plants and the support of its parent, the Gujarat Narmada Valley Fertilisers Company Ltd (GNFC).
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Union Bank to sell life insurance products over the counter
Mumbai: Union Bank of India is to sell life insurance products over the counter. The state-run bank will sell HDFC Standard Life's new product `Union Suraksha suited for the banking channel' through 750 of its branches to its savings account, current account and fixed account depositors. The bank targets to sell 50,000 policies by the year-end, by tapping on its 13-lakh depositors, said V Leeladhar, CMD, Union Bank of India, at a press conference held here today.

The bank has so far sold 22,000 life insurance policies for a total sum assured of Rs 225 crore and aggregate premium of Rs 16 crore. The product offers only a risk cover but no investment/savings angle and comes at half the premium amount as compared to a regular insurance policy. A depositor can buy the product by just signing a declaration of health at the bank's branch and the certificate of insurance will be given to him right away, said Mr Deepak M. Satwalekar, MD & CEO, HDFC Standard Life Insurance Co Ltd. In most other products the insurance company, which underwrites the policy examines the application and sends the insurance certificate to the applicant entailing a delay.
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