PNB to enter into more trading tie-ups
New Delhi: Punjab National Bank is planning to enter more partnerships to offer online share trading facility to over 3.5 crore customers.

After entering into an agreement with IDBI Capital Market Services in November last year, the bank on Friday entered into a tie-up with Motilal Oswal Securities for providing online share trading facility to its customers.
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Boom in credit, monetary expansion in 2006-07
New Delhi: The year 20060-07 witnessed a boom in credit and monetary expansion unprecedented in both absolute as well as relative magnitudes.

During the year banks lent out an additional Rs410,285 crore, an all-time record in addition to which bank's outstanding fiscal-end credit as a proportion of deposits (C-D ratio) touched 74.13 per cent — the highest since the 74.99 per cent level of 1976-77. The C-D ratio in 1998-99 had plunged to an all-time-low of 51.66 per cent.

This has been facilitated by two underlying factors. A booming economy which led to a spurt in credit demand from not just industry, but also the retail home loans and consumer finance segments.

The second stimulus has come from the massive injection of primary liquidity by the Reserve Bank of India (RBI), resulting from its mopping up of foreign exchange inflows. 2006-07 has recorded the highest ever build-up of RBI's net forex assets, which, despite all efforts at sterilisation, has generated a record expansion in Reserve Money.
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LIC premium income sees 119 per cent growth
Mumbai: The Life Insurance Corporation of India has registered a first premium income of Rs39,541 crore for FY06-07 against Rs18,085 crore in FY05-06, a growth of 118.6 per cent.

LIC sold 38.2 million policies in FY06-07 and in the budget achievement in policy its growth has been 102.5 per cent and, in premium it is 162 per cent. Bancassurance and alternate channels sold 5.8 lakh policies raking in Rs664 crore in premium.

The growth in terms of premium procured under these channels was 88 per cent.

Under its group insurance portfolio, the number of lives covered grew by 64 per cent and stood at 84 lakh, up from 51 lakh lives covered in FY05-06. The new business premium was Rs11,282 crore, which exceeded last year's figure by more than Rs8,000 crore, registering a growth of 188 per cent against 7 per cent in FY05-06.

LIC bagged mega schemes from the Mumbai Port Trust, SAIL and Vizag Steel Plant.

More than 57 lakh people had opted for LIC's social security schemes. The Pannadhay Jeevan Amrit Yojana launched by Rajasthan government covered more than 21 lakh lives.
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