LIC loses markets in first half
Kolkata: Life Insurance Corporation of India (LIC) has lost a six per cent marketshare to private insurance companies in India in the first six months of the current fiscal against a seven per cent share loss in 2002-03.

From March 2004, when it held an 87 per cent share in terms of premium income, LIC saw its share steadily falling to 81 per cent by September 2004, according to data released by the Insurance Regulatory Development Authority (IRDA).

With respect to the number of polices sold in the first six months, the fall was at three per cent.

LIC recorded a 91.16 per cent share in September 2004 against 94.21 per cent at March end.

LIC has lost marketshare this year at a comparatively faster pace than it did in the previous fiscal.

In 2002-03 LIC's share in terms of premium income was around 94 per cent.
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RBI asks NBFCs to submit quarterly returns
Mumbai: The Reserve Bank of India has ordered non-banking financial companies (NBFCs) to submit quarterly returns on important financial parameters as per the prescribed format.

This has been introduced for NBFCs not accepting or holding public deposits and having an asset size of Rs500 crore and above as on March 31, 2004, said the RBI notification.

Some of the parameters to be covered by in these returns include nature of the company's business, net owned funds, sources and applications of funds. Profit and loss account giving details of income and expenditure will also be required to be mentioned in the report.

Details relating to exposure of banks or financial institutions in the company and the NBFCs exposure to capital markets, foreign funds and associate or related parties are also required to be stated in the report.

According to the reporting arrangement, returns for the quarter ended September 2004 should be submitted to the concerned Regional Offices on or before November 30, and the subsequent returns should be submitted within 30 days of the month following the respective quarter end.
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World Bank President coming to India
New Delhi: The president of the World Bank, James D Wolfensohn, is visiting India on November 17 and 18, in response to an invitation issued by the Union Finance Minister, P Chidambaram. This is his third visit to India since 1996.

On his two-day visit to the country, he will tour development projects focused on education, rural development and health in Delhi and Uttar Pradesh and will meet with government leaders, representatives of civil society, business people, youth groups and community leaders in New Delhi.

Wolfensohn will also deliver an address titled India: 'Opportunity and challenge in a globalised world' at the Teen Murti Auditorium in the capital on November 18, a World Bank release from its India office said.

His visit comes at a time when the Indian government has increased investment in infrastructure and rural development its key priorities. The World Bank's new country strategy for India reflects this commitment.
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BoM to raise Rs 150 cr capital
New Delhi: The Bank of Maharashtra plans to raise Rs150 crore from the bond market by March 2005 to step up credit to agriculture and infrastructure sectors.

The bank aims to disburse Rs1,000 crore farm credit by the end of this fiscal and another Rs1,000 crore loan to the infrastructure sector in the next six months.

Bank of Maharashtra chairman S C Basu said, the bank would raise Rs150 crore for Tier II capital during next quarter. In its maiden IPO issued in February this year, it had raised Rs130 crore, which brought down the government's holding in the bank to 76.77 per cent from 100 per cent.
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