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IOC
enters call money market
New Delhi: The Indian Oil Corporation (IOC) has
entered the call money market in order to raise funds
of around Rs2,000 crore to meet its working capital requirements.
The company is using the Rs2,320-crore oil bonds issued
to it by the government recently as collateral.
The
company would be using the Collateralised Borrowing and
Lending Obligation (CBLO) instrument offered by the Clearing
Corporation of India, which would help it to reduce borrowing
costs. IOC would be trading about Rs200-300 crore daily
by using the CBLO instrument.
CBLO
instrument enables corporates to become members and access
this platform by pledging government securities against
their borrowing limits and lending it at the call money
market rate.
It
requires members to open an account with CCIL for depositing
securities, which are offered as collateral or margin
for borrowing and lending of funds.
The
government had recently issued special government bonds
amounting to Rs5,762.85 crore to oil companies in order
to liquidate the balance payable to these firms from the
Oil Pool Account.
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Bajaj
Allianz introduces e-consultation
Chennai:
Bajaj Allianz General Insurance has entered into an alliance
with WorldCare, a global e-health services and solutions
development and distribution player to offer insurance
for second opinion e-consultation services.
An
e-opinion is a form of telemedicine, where a patient's
medical record is transmitted electronically in a digitised
format over the Internet to a medical centre where specialists
review it.
Seniors
officials at Bajaj Allianz said the second opinion e-consultation
insurance had not yet seen deep penetration in India.
Named 'e-Opinion Riders', the health insurance plan rider
comes with personal accident cover.
Policyholders,
who have purchased e-opinion riders, are entitled to receive
upto three e-consultations per year, including a maximum
of two consultations for the same illness. The maximum
limit in a lifetime is six consultations, in case the
policyholder renews the rider continuously.
WorldCare
will have access to the medical records of the Bajaj Allianz
policyholders and the records will be transmitted to the
telemedicine centres of its consortium hospitals in the
United States for specialist review the company officials
said.
The
rider covers multi-categorical diseases including cancer
and heart attack. However, pregnancy and sexually transmitted
diseases are excluded from the list.
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Govt.
may merge foreign operations of PSU banks
New Delhi: The Union finance ministry
is planning to consolidate the overseas operations of
public sector banks (PSBs) under just a few big banks.
Accordingly the government may allow only a limited number
of PSBs to expand abroad.
The
government is likely to merge existing foreign branches
of PSBs into the ones chosen for expansion abroad. The
initiative is a part of the consolidation process, which
the government has been encouraging in the banking sector.
The
move is also aimed at adding financial muscle to Indian
banks operating in foreign countries and will help the
government avoid ad hoc decisions where banks should get
licences to set up branches in countries with which India
signs economic cooperation agreements.
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Call
rates to ease further; bonds lacklustre
Mumbai:
With the Reserve
Bank of India (RBI)'s deciding to cancel the sale
of treasury bills and also auction treasury bills worth
a lower amount than intended, the liquidity in the money
market is likely to ease and call rates fall according
to analysts.
The
rates fell regularly over the week to 5.30-5.50 per cent
from 6.80-7.00 per cent amidst tightening liquidity.
The
7.37 per cent 2014 bond and 7.38 per cent 2015
per cent securities were awaiting the auction results
and they had been steady over the week.
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UBI
to set up 100 village knowledge centres
Kochi:
The Union Bank of India is setting up 100 village
knowledge centres (VKC) across the country to impart knowledge
to farmers and the rural masses about agriculture and
other activities using the latest technologies like the
Internet.
Training and financial support would be given to rural
youth for self-employment and through the VKC's farmers
could make use of the centre for all their needs.
The
bank has introduced several schemes for farmers and the
business community; the latest ones are White Card meant
for people engaged in dairy activity and Union Trade scheme
meant for business people.
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