document.writeln("

Banks should contribute 50 per cent to GDP: FM
Kolkata: Finance minister P Chidambaram has asked the banking sector to raise Rs60,000 crore as additional capital in the next five years.

Speaking at the two-day bankers' conference 'Bancon 2005' in Kolkata, Chidambaram asked the banks to increase their capital base and said that banks, which do not have the scope to raise Tier I capital, should go in for Tier II capital. He said that additional capital could be raised, either by way of improved profitability, better recovery or through raisings from the market.

He said the contribution of the banking sector in the country's GDP was low at 35 per cent and the sector should set the goal for raising its contribution to GDP to 50 per cent. This would only be possible by raising the size of the banks.

To increase the lending activity of the banks, the finance minister has asked the banking sector to focus on the bottom of the pyramid by providing loans to tenant farmers, the small and medium enterprise sectors and extending micro-credit in the villages.
Back to News Review index page  

ICICI Bank to offer private banking services to more cities
Mumbai: ICICI Bank is planning to expand its private banking services to more cities. The scheme targets high net worth clients. The bank is also looking at doubling its assets under management.

At present, the bank offers the facility in 175 cities and has Rs25,000 crore assets under management under the private banking portfolio.

This year, ICICI Bank has hired 350 personnel for this segment and plans to hire an additional 250.
Back to News Review index page  

Tata AIG to launch Health Protector scheme
Mumbai: Tata AIG Life Insurance has announced the launch of its Health Protector scheme, a flexible accident and health insurance policy.

The Health Protector scheme offers seven security options, each of which could be accessed based on the needs of the insured.
The security options include accidental death benefit, family accidental death and dismemberment benefit, total and permanent disability, accidental hospitalization cash, critical illness, cancer care and term cover.

According to the company, Health Protector was soft launched about three months ago and it has mopped up Rs1 crore in premium per month through the period.
Back to News Review index page