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Srei
Infrastructure Q2 PAT up 50 per cent
Kolkata:
SREI Infrastructure Finance has achieved a profit
after tax of Rs8.58 crore for the quarter ended September
30, 2005 against Rs5.73 crore recorded in the same quarter
of previous financial year, a growth of 50 per cent.
The
company has also recorded a 118 per cent increase in profit
before taxes at Rs28.20 crore (Rs13.27 crore last year).
Operating
profit for the first half of the current fiscal increased
to Rs30.18 crore from Rs13.85 crore in the same period
of last year. The total business done is placed at Rs1,155
crore, as compared to Rs650 crore last year.
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Birla
Sun Life hikes capital by Rs.30 crore
Mumbai:
Birla
Sun Life Insurance (BSLI) has hiked its paid-up capital
to Rs400 crore through an additional capital infusion
of Rs30 crore.
The
company said it is looking at rapid growth through increased
expansion and penetration.
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MetLife
declares maiden dividend of 3 per cent to policyholders
Mumbai:
Metlife
has declared its maiden dividend of three per cent per
annum for its participating policyholders.
The
dividend will become due and payable only upon the occurrence
of the insured event, as per policy conditions.
MetLife
has declared this dividend on the whole life and endowment
par policies - sold as Met Whole Life (Par), Met Endowment
Junior (Par) and Met Endowment (Par). In terms of a simple
interest equivalent, the compounded reversionary dividend
of three per cent of the sum assured will mean a simple
reversionary dividend of 4.2 per cent per annum of the
sum assured on a 25-year endowment policy.
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Post
offices to disburse credit in villages
Bangalore:
The Centre is mulling over a plan to allow post offices
to begin disbursal of credit in the rural regions and
will launch a pilot project in Maharashtra by of a kick-start.
If
the results of the project are positive the government
will launch it in the rest of the country as well.
The
government is also planning to restructure the primary
agriculture societies (PACs). The States have been included
for upgrading and restructuring the primary agricultural
societies (PACs). Discussions have already been held with
the Chief Ministers on the subject.
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Aviva
Life and Basix to target one million rural customers by
2010
Hyderabad:
Aviva
Life Insurance India (ALII), in partnership with Basix,
a micro finance institution, is planning to bring one
million members of micro finance institutions in the rural
parts of the country under 'Credit Plus' insurance cover
by 2010.
Credit
Plus was introduced three years back and at present 1.5
lakh out of the existing 2.5 lakh customers of Basix have
been covered under the plan.
Credit Plus, launched by ALII, a joint venture of Dabur
and Aviva Plc of UK, is an enhanced version of a group
credit-cum-life protection plan for rural people in the
age group of 18-55 years. The low cost insurance plan
is especially designed for Basix, which is working with
1.74 lakh poor households in 27 districts spread across
seven states in the country.
Aviva has so far received a premium amount of Rs1.2 crore
and had settled 307 claims involving payment of Rs40 lakh.
With the enhanced version of Credit Plus, Aviva expects
the premium amount to touch Rs2 crore this year.
The sum assured under Credit Plus amounts to 1.5 times
of the loan amount sanctioned by the micro finance institution.
In the case any customer dies before the repayment of
the loan, Basix would deduct the pending loan amount and
pay the balance of the sum insured to the beneficiary
of the deceased customer.
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