Gold exchange-traded funds (ETFs) witnessed record trading on Dhanteras, a day considered auspicious for buying the yellow metal. More than 2,550 kg worth of gold ETFs were traded on the exchanges this Dhanteras, taking the total value of trade to more than Rs 650 crore in a single day, nearly 8.5 times higher than last […]
As high as 40% of the policy premium in the first year on traditional products while 7-12% in Ulips, are paid to agents as commisssion. But once the policy gets running, the agent loses interest in serving the policy holder. So, to ensure that customers are serviced, the commissions could be rear-ended and paid at […]
Country 6th-highest contributor to global wealth growth; average household wealth triples in 10 yrs to Rs 2.70 lakh. At a time when the civil society is at the throat of the Planning Commission for its Rs 32-a-day cut-off for the poverty line, a study has revealed the dollar millionaire club in India is expected to […]
India Inc’s investments in mutual fund schemes have seen an increase as most banks have been refusing bulk deposits due to the high interest rates they have to offer. A senior official of a PSU bank said that rising interest rates have put pressure on net interest margins of banks, forcing them to reduce exposure […]
The Reserve Bank on Wednesday said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible. The move is likely to help NRIs/Persons of India Origin as it will give them more options in the holding of accounts, and lessen the risk from fluctuations in major […]
Fearing repetition of a 2G-like scam, some members of Parliament on Monday mooted an idea: Auction banking licences for new players. “We have raised a question as to why should the government not go for auction (of banking licences), because there can be another scam like 2G,” said an MP, who attended a Standing Committee […]
The income-tax department has given its nod for NHAI, IRFC, HUDCO and PFC to cumulatively issue tax-free bonds to the tune of Rs 30,000 crore during 2011-12. Both National Highways Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) have been allowed to issue tax free bonds of Rs 10,000 crore each during current […]
In a bid to increase the penetration of banking services, the Finance Ministry has favoured setting up of white-level ATMs in the country. White-level ATMs are not owned by banks but by private ATM service providers. Customers from any bank can deposit or withdraw money from such ATMs. “Such ATMs will help take banking services […]
Insurers keen on job-loss covers Involuntary job losses due to the slowdown would be covered under a comprehensive policy. The ghosts of 2008 are crawling back on the job street, with the telecom and the investment banking sectors already seeing cuts across the board. However, many insurance companies have sensed an opportunity in this uncertainty […]
Unit linked insurance plans (Ulips) with guaranteed NAVs (net asset values) are back in focus. The preferred insurance product of many cautious individuals is under the scanner of the Insurance Regulatory and Development Authority (Irda). At a recent insurance conference in Mumbai, the Irda chief J Hari Narayan said, “We are examining it because my […]
