PERSONAL FINANCE


Moneylife Digital Team 27 June 2012
BSLI Wealth Secure plan combines long-term savings and whole life cover in such a way that it allows customers to focus on their goals and maximise savings for their future   Mumbai: Private insurer Birla Sun Life has announced the launch of its new unit-linked whole life plan, BSLI...

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MDT/PTI 27 June 2012
RBI said urban co-operative banks will not be permitted to charge foreclosure charges or pre-payment penalties on home loans on floating interest rate basis   Mumbai: The Reserve Bank of India has asked urban co-operative banks (UCBs) to stop levying penalty on pre- payment of home...

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MDT/PTI 27 June 2012
The top hundred centres, arranged according to the size of deposits accounted for 69.4% of the total deposits   Mumbai: Bank deposits grew 17.3% to Rs5.81 lakh crore in the quarter ended December 2011 from a year ago, data from RBI showed, reports PTI. While, credit over the same...

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Moneylife Digital Team 26 June 2012
Chairman and managing director HS Upendra Kamath inaugurated 100 branches in FI villages of Mandya district in Karnataka   Bangalore: Vijaya Bank has announced opening of 171 ultra small branches in a single day under the Financial Inclusion (FI) villages initiative in different parts...

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Moneylife Digital Team 26 June 2012
Depositors parking money in the 271-364 days maturity will be paid interest of 8.75% per annum against the earlier rate of 8.25%   Mumbai: In a surprising move, the South-based private sector lender Lakshmi Vilas Bank announced a 0.50 percentage point increase in deposit rates in a...

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MDT/PTI 26 June 2012
With the R3 approval in place, Liberty Videocon GIC said it is now getting ready to file documents with the IRDA for approval of its proposed products   Mumbai: New entrant in the private space Liberty Videocon General Insurance Co on Tuesday said it received the final approval from...

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The product covers risks of pregnancy complications, child with congenital disorders, cancer in female organs and death of spouse besides death of the insured covered by regular ULIPs. Ensure that you know the fine prints before buying the product   HDFC Life has launched “Smart...

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While presently the EPFO earns over 9% on its current base corpus of Rs3 lakh crore, this could be enhanced to 12%. Besides, old peoples’ homes could be another avenue of revenues that the government can look at   While speaking at the 29th Skoch Summit earlier this month, UK Sinha,...

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The RBI should also implement measures to avoid UK-like incidents happening here More than 12 million bank customers in the UK were in for a surprise last week when they found that they could not operate their accounts due to malfunctioning of banks’ software, resulting in a chaos at...

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Moneylife Digital Team 25 June 2012
The Finance Ministry expects around 60,000-80,000 white-label ATMs to roll out in the next six to eight months   New Delhi: Non-banking entities, which have been allowed by RBI to operate ATMs on behalf of banks, are expected to open 60,000-80,000 automated teller machines in the next...

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Moneylife Digital Team 22 June 2012
The life insurance plan provides relatively lower premium rates for women and special rates for non-tobacco users, Reliance Life said in a statement   New Delhi: Reliance Life Insurance said it has launched an online plan -- Reliance Life Insurance eTerm -- with a maximum life cover...

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Moneylife Digital Team 21 June 2012
The RBI has given an in-principle approval to Morgan Stanley India to enter commercial banking. So far, Morgan Stanley has been an investment banker in India. The permission is a big coup for Morgan Stanley India chief executive officer Dr PJ Nayak, who is credited with building Axis Bank...

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Moneylife Digital Team 21 June 2012
The RBI said all rural branches of banks will have to impart financial literacy. This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas. “Banks may consider setting up need based FLCs in other...

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Moneylife Digital Team 20 June 2012
Karnataka Bank has made a mockery of RBI’s recent directive deadline to put up names and addresses of unclaimed and inoperative accounts. What about your bank? Check out and let us know If you thought that the recent Reserve Bank of India’s (RBI) directive to banks would make it easier for...

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MDT/PTI 19 June 2012
Pre-paid cards, which are convenient alternatives to cash and cheques, are mainly issued by banks and Non-Banking Financial Companies (NBFCs)   Mumbai: Making life easier for people, the Reserve Bank of India (RBI) has allowed holders of pre-paid payment cards, to deposits school and...

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MDT/PTI 19 June 2012
Consumers in the US can use the WesternUnion.com website to send money to family and friends in India using their bank accounts without incurring a transfer fee   Mumbai: Global payment service provider Western Union announced a money-saving option for people in the US who want to...

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MDT/PTI 18 June 2012
Having a bank account for every family will help the government and its agencies to use it for electronic fund transfer of wages, salaries or payments to suppliers.   Mumbai: In an ambitious move, the Finance Ministry has instructed all the lenders to ensure that at least one person...

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MDT/PTI 18 June 2012
While SBI cut lending rates for SME and agriculture loans ahead of RBI policy, there is no immediate change in the home loan and auto loan Mumbai: Days ahead of the Reserve Bank of India (RBI) reviewing the interest rate, the country's largest state-run lender State Bank of India (SBI)...

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The IRDA initiative is welcome, but it will help only a subset of orphan policies. The customer with lapsed policies expecting new allotted agent may be in for a surprise   The Insurance Regulatory and Development Authority (IRDA) has recently issued guidelines on an orphan life...

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Moneylife Digital Team 16 June 2012
According to the RBI data, since March 2010, the number of zero balance accounts in India has doubled to 103.2 million while banking outlets increased to 1.47 lakh The number of no-frills or zero-balance account holders more than doubled to 103.21 million in the year to 31 March 2012...

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