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Indian
banks get RBI nod to enter China
Mumbai:
Allahabad Bank, UTI Bank and UCO Bank havem receved permission
from the Reserve Bank of India to open representative
offices in China and are waiting for the approval of the
monetary authority in China. Many other Indian banks are
said to be waiting in the wings.
.
Allahabad Bank has also received RBI permission for a
full-fledged branch in Hong Kong.
UTI
Bank is seeking permission for a rep office in Shanghai
and a branch in Hong Kong. The bank has also got approval
for four branches in Sri Lanka. UCO Bank proposes to set
up one branch in Thailand and rep offices in China and
Dubai.
State Bank is the only one so far to have received permission
from Chinese authorities to open a branch in China.
Banks,
which already have rep offices in China include Bank of
Baroda, Bank of India and Punjab National Bank.
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Birla
Sun Life's launches new unit-linked plan
Mumbai: Birla Sun Life Insurance (BSLI) has launched
a new unit-linked plan called `Classic Life Premier plan
which is available in two variants for maturity age `75
years' and maturity age `100 years'.
Customer
have a choice of five fund options with the flexibility
to allocate the premiums in varying proportions into the
funds and switch between the investment options.
Two
of the funds, `Creator' and `Magnifier' have a higher
equity component. The Creator fund retains an option of
investing a maximum of 50 per cent in equities while the
Magnifier can have a maximum of 90 per cent in equities.
Customers
are given the option of topping up the Policy Fund whenever
they have additional savings.
The minimum amount of top-ups will be Rs10,000. Policyholders
can also change the face value t of the policy as per
their needs.
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49
per cent FDI cap on banks proposed
The commerce ministry has proposed binding the foreign
direct investment limit in the banking sector should be
49 per cent. It also favours allowing 100 per cent foreign
equity in non-banking finance companies and venture capital
Funds.
The
proposal may be taken up by the cabinet next week and
sent to the WTO in the first week of July.
The
"binding" in insurance, including life insurance,
was likely to be 26 per cent, while in telecom it would
be 49 per cent. So far, India had not bound FDI limits
in banking, insurance and telecom at the WTO.
Officials
said the participation in issues of all kinds of securities,
including underwriting and placement as agents (whether
publicly or privately) by foreign financial service companies
(including banks) under Mode 3 (or commercial presence),
would be bound at a higher level. The foreign equity limit
will be bound at 74 per cent from the present 51 per cent.
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