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Strong Indian team at
Davos
New Delhi: India will have a strong presence at the annual meeting of the
World Economic Forum at Davos, Switzerland, from 27 January to 1 February. The Indian
speakers at the Forum will include finance minister Yashwant Sinha, chief minister of
Andhra Pradesh Chandrababu Naidu, chief minister of Karnataka, S.M. Krishna and president
of CII, Rahul Bajaj. A number of industry leaders and economists are part of the Indian
delegation to the Forum meeting.
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Stanchart, BNP
launch co-branded card
Mumbai: Standard Chartered Bank and Banque Nationale de Paris are
launching a co-branded card – the Standard Chartered BNP Card. The card is meant for
private banking customers of BNP. It will carry the logo of Stanchart and BNP and offer
all benefits of a global Stanchart gold card.
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Govt may publish name of
bank defaulters
Calcutta: The government is working out a mechanism to publish names of
top bank loan defaulters, according to minister of state for finance Balasaheb Vikhe
Patil. He said the figures will be published by the Reserve Bank of India. At present
basic facts of outstandings of over Rs one crore are available on the RBI website. Since
there are legal snags in revealing the names of borrowers or the amount involved in
non-performing accounts, the government is considering legislative and other changes to
eliminate these obstacles, Mr Patil said.
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VRS for banking sector
coming
New Delhi: The government is understood to have finalised a voluntary
retirement scheme for the banking sector. The scheme offers 45 days salary for every year
of service or salary for the balance period of service, whichever is lower. At present,
there is no VRS permitted for the banking sector. The scheme is targeted at the workforce
in the 48-58 age group, while it is less attractive to employees in the 35-45 age group,
according to sources in the government. The scheme is also understood to incorporate a
compulsory retainment scheme, which empowers bank managements to offer VRS at its
discretion.
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Higher commission for
insurance agents
Mumbai: The Insurance Regulatory and Development Authority of India
will permit insurance companies to pay higher agency commission of up to 15 per cent in
the non-life sector. It is also proposing combined agency licences to agents, whereby an
agent can sell products of one non-life and one life insurance companies. The
authority’s chairman N.I. Rangachary says the authority has decided to do away with
the different slabs in the commission and fix a maximum limit of 15 per cent.
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