State Bank of Bikaner & Japiur (SBBJ), which is offering up to 0.25 per cent discount to online loan applications, has said it has become the first public sector lender to bring down the bulk deposits level to 10 per cent.Â “As of November, our bulk deposits stood at 10 per cent, a level that is much below what the government desired. This was 16.6 per cent a year ago and 14.46 per cent at the end of the September quarter,” SBBJ managing director Shiva Kumar said. Read more
A social security insurance scheme for the unorganised sector is likely to be the next big announcement the government will make as part of its inclusive politics agenda in the run-up to the 2014 general elections. Read more
Hard pressed to meet the Rs 30,000 crore disinvestment target, the Finance Ministry today permitted the state-owned Life Insurance Corporation (LIC) to invest up to 30 per cent in a company as against the earlier ceiling of 10 per cent. Read more
The government along with the industry will prepare a road map for improving penetration of the general insurance in the country which is less than one per cent, a senior official said.
“Our (general insurance) penetration rate is low. It is 0.7 per cent. How do we improve it to average standard which is 1.5 to 4 per cent? The road map is to be prepared by all of us”, Financial Services Secretary D K Mittal said.
He was speaking to reporters after meeting of the representatives of the general insurance industry with Finance Minister P Chidambaram. Read more
Sector regulator IRDA will soon develop a mechanism for faster approval of insurance policies and encourage companies to come out with low premium products for increasing insurance penetration, a senior government official said today. Read more