UTI MF in pact with SBI
New Delhi: UTI Mutual Fund (UTI MF) has announced a strategic tie-up with the State Bank of India bank for distribution of UTI MF schemes. Under the agreement, SBI will offer the entire bouquet of UTI MF's schemes across its selected branches.

UTI AMC chairman and managing director U K Sinha said, "The tie-up with SBI, who are also our sponsors, will give easy access to customers to invest in the various schemes of UTI MF."

The tie up with UTI Mutual Fund will be a first for SBI in vending a third party's mutual fund products. Initially SBI has identified 48 centres across the country wherefrom UTI MF products will be sold.
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'Smooth transfer to de-tariff regime needed': IRDA
Hyderabad: C S Rao, chairman, the Insurance Regulatory and Development Authority (IRDA) has said general insurers should concentrate on a smooth transition to the proposed de-tariffing regime, which begins next year, and not focus more on premium rates.

"While there is a question mark on whether IRDA and the industry are ready for de-tariffing we need to make a beginning sometime and we will stick to our road map for de-tariffing announced in September 2005," Rao said in his inaugural address at a seminar on "De-tariffing in Insurance Issues and Challenges" today.

He said while the life insurance was growing at a satisfactory rate, the general insurance growth was not up to the mark.
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Interest cut on loans by four per cent for poultry units
New Delhi: Top provide relief to the birdflu-hit poultry industry, the Government has decided to grant a one-time reduction of four percentage points in interest payment on bank loans taken by poultry units.

This would apply to accounts of all poultry units with commercial banks, co-operative banks and regional rural banks (RRBs), said the Union Agriculture Minister, Sharad Pawar, after a meeting with the representatives of the poultry industry here.
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Four RRBs of SBH merged
Hyderabad: The four regional rural banks (RRBs) sponsored by State Bank of Hyderabad (SBH) namely — Sri Saraswathi, Sri Sathavahana, Sri Rama and Golconda Grameena Banks operating in Adilabad, Karimnagar, Nizamabad and Ranga Reddy districts of Andhra Pradesh, respectively, have been merged into a single entity named as Deccan Grameena Bank with headquarters at Hyderabad vide the Government notification dated March 24.

After the amalgamation, Deccan Grammena Bank would have a network of 168 branches with an aggregate business of Rs1,600 crore. The SBH deputy general manager, S V Hanumantha Rao, has been appointed as the chairman of the new bank.
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ICICI Prudential Life offers Home Assure'
Kochi: ICICI Prudential Life Insurance has expanded its bancassurance partnership with Lord Krishna Bank to launch Home Assure, a mortgage reducing term assurance product that will cover the outstanding loan amount of LKB's home loan customers in the event of his or her unfortunate demise.

According to ICICI Prudential 'Home Assure' is a hassle-free product that includes features such as higher non-medical limit and a discounted rate for young borrowers in a joint account. The product will be extended to customers of LKB across 112 branches in the country. ( See: ICICI Prudential launches HomeAssure with Lord Krishna Bank )
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