Monthly Archives: November 2013

ICICI Bank expanding its reach in the consumer loan sector and that reflects well in its Q2 profit

ICICI Bank, the top runner in the private banking sector is all geared up to take over the consumer loan market with its highly efficient new product development team that is working towards bringing the best consumer loan products for their customer. The bank which has already been successful with its home loan and car loan products have now shown a considerable rise in the consumer loan sector as well. This is quite evident from their financial figures in third quarter that depicted a sharp rise of 20% in the profit. The bank is increasing its branch network in all

Cigna TTK – A new name in the health insurance sector gets IRDA license

The medical treatment costs are going up and this has further offered growth opportunities for the health insurance industry. The continuous growth of population has encouraged more and more health insurance companies to enter this industry. The latest entrant in the industry is Cigna TTK that has just been licensed by Insurance Regulatory and Development Authority (IRDA) to start its regulations. Cigna TTK is a joint initiative made by Cigna Corporation, US based global leader in health insurance sector and TTK Group, an Indian firm. This new entrant in the health insurance industry is all set to start its operation

The newly announced Third Party Administrator (TPA) in health insurance sector may accelerate the health claim settlement process

Health insurance sector will go through faster claim settlement process with new TPA (Third Party Administrator) that would become operational in April 2014. This will make the claim settlement process centralised and would also make it in-house to make the process convenient for the customers as well as the insurance providers. The common TPA will process the health claims for all major health insurance providers like Oriental Insurance Company, National Insurance Company, United Insurance Company, General Insurance Corporation of India and New India Assurance Company. GIC will have about 5% stake in this TPA while the other health insurance providers

Fixed Deposits with Canara Bank will now fetch better interest rate

Following the recent interest rate hike introduced by other public sector banks, Canara Bank has also introduced 0.5% in the interest rate of fixed deposits. This will fetch good returns to the investors in the long run. This hike is offered according to the tenure of the fixed deposit and the short term deposits will be offered 0.5% hike while the long term deposits will get 0.3% hike. The bank officials declared that the fixed deposits with maturity term of 46 to 60 days will fetch interest at the rate of 7.5% against the earlier rate of 7%. Same rate

India’s first Women’s Bank – Another solid move towards gender equality

India is putting utmost efforts to evolve in terms of gender equality, financial equilibrium and so on. Recently, a solid move was made toward gender equality by launching India’s first women’s bank in Mumbai. This bank will symbolise female empowerment and would be the perfect tool to encourage female entrepreneurship. The idea behind this bank is to increase the financial stability amongst women and to lend them funds that can be utilised to establish their business. The bank is planning to lend loans for all business ideas that women earlier left behind just because of lack of finance. They will

Increasing fuel price has overshadowed the recent decrease in home loan rates

  The reducing auto loan interest rates and easy to manage EMIs are not showing the right impact on the auto sales market due to all time increasing fuel rates and many other factors that has made car purchase more and more difficult. The car loan EMI reduction initiative was first taken by some of the major public sector banks that reduced the interest rate by around 20 basis points. This has given some reduction in the monthly outgo for the new car buyers but at the same time the minimum salary criteria for the borrower was also revised by

Switching banks has become the regular practice amongst the home loan borrowers

Recently, it has been observed that home loan market has become quite volatile as more and more borrowers are switching the lending banks to get the better deal. The main reason behind this switch over is the increasing EMIs and inflexible attitude from bank management. The discrepancy in interest rate for new as well as old customer is also one of the reasons for switching the loans between banks. The home loan interest rates are continuously revised on the upper side in case of the floating rate loan due to change in base rate or Prime Lending Rate (PLR). These

Life Insurance Council taking solid steps to spread life insurance awareness

The forum that has connected all the existing life insurance providers is now ready to spread awareness regarding life insurance. This forum is popularly known as Life Insurance Council and is ready to join hands with creative agencies to run a campaign about life insurance awareness. The life insurance is for the benefit of the insured and that awareness is still missing in certain class of society. The campaign which is planned by Life Insurance Council is for the benefit of the insurance players and would also serve as an educational campaign for the benefit of the society. The life

Reducing your floating rate home loan EMI is very much possible at nominal charges

The continuously increasing EMI for the floating rate home loan can be now checked with special scheme being offered by the home loan providers. The home loan rate for existing borrowers and the new borrowers is different and that is the matter of worry for the existing home loan borrowers. Further, the EMI can be kept same only if the tenure is increased and hence the borrowers feel like being caught in the viscous circle. This can now be controlled as banks are ready to reduce the floating rate at certain fixed charges. In this floating interest rate reduction option,

The general insurance sector is all ready to enter the aviation sector with its increasing use in corporate

The general insurance  sector is all ready to enter the aviation sector due to sharp rise in the number of private jets in corporate. There are many new airlines coming up with a considerable fleet size. This growing industry is now targeted by the insurance companies due to its tremendous growth potential. These companies are expecting continuous business from the new entrants in the aviation industry and the constantly growing current players. In this fast moving world, the jets are now becoming the inevitable part of the corporate as well. The general insurance providers are expecting around 15% yearly growth