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Indian Bank plans more branches
Bhubaneswar: Indian Bank is planning to open more branches across the country, according to its chairman and managing director, Dr KC Chakrabarty.

Inaugurating two ATMs at Bhubaneswar and Puri, Dr Chakrabarty said the bank was also aiming to open branches in Indonesia and Hong Kong.

At present, the bank has two overseas branches, in Colombo and in Singapore.

The bank is expecting about 25 per cent increase in the net profit in the current fiscal. Last year it made a net profit of Rs 408 crore.
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Freedom to insurers in product pricing from 2007, says IRDA
The Insurance and Regulatory Authority (IRDA) has laid out that insurers will be freed from product pricing constraints from 2007.
Following the demands from insurers, IRDA has come up with a notification on de-tariffing and has mandated sufficient safeguards to ensure that premium rates should be "reasonable" so as to cover all vehicles.

The IRDA has spelt out that tariffs will be discontinued from December 31, 2006.

In the beginning it is likely that this will apply to all segments other than motor insurance in view of the fact that motor premium commands a huge share in the overall premium collected by insurers said IRDA said in a directive to insurers.

The insurers will have to prepare interim internal tariffs based on available underwriting information within the company by March 31, 2006.
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