Health cover for girl child at 50% discount
MUMBAI: State-owned general insurer New India Assurance has launched an exclusive health insurance cover, New India Asha Kiran, for a family with girl children. The scheme gives a 50 per cent discount for the girl child. It also provides a personal accident cover for parents and on occurrence of any accident to parents; the sum insured would be placed as a fixed deposit in the names of the girl children. “We have launched the plan for families having girl children and kept premium at reasonable rates,” said G Srinivasan, chairman and MD, New India Assurance. The Asha Kiran policy has daily cash benefit on hospitalisation, critical care benefit up to 10 per cent sum insured and emergency ambulance charges. ens
MasterCard, Visa form industry group for payment security
New Delhi: MasterCard and Visa have formed a new cross-industry group to further ramp up security of payment systems, in a bid to ensure more secure transactions for consumers, retailers and financial institutions. The group includes banks, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups. “The formation of the group is a public recognition of the importance of all parties to work together and will ensure all voices can contribute to the strategic direction of payment security,” Visa said in a statement. The group will initially focus on adoption of EMV chip technology in the US in addition to addressing other security-related topics like tokenisation and point-to-point encryption. “One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters. Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust,” MasterCard President North American Markets Chris McWilton said. pti
Deposits grow at 16% vs 14% rise in credit
Mumbai: Bank deposits grew at healthy 16 per cent year-on-year to Rs 7,605,171 crore as on February 21, surpassing the pace of credit growth, according to RBI data. Deposits at commercial banks stood at Rs 6,565,137 crore during the same period last year, the fortnightly data said. Bank credit grew at 14 per cent year-on-year to Rs 5,861,736 crore as on February 21, as against Rs 5,127,264 crore in the same period last year. The RBI’s estimate of the credit growth for current fiscal, 2013-14, is 15 per cent, while for deposits it is 14 per cent. During the period, the time deposit grew 16.47 per cent at Rs 6,912,598 crore as against Rs 5,934,640 crore in the same period last year. Demand deposit rose 10 per cent to Rs 6,92,574 crore from Rs 6,30,497 crore in the year-ago period. pti
Mutual funds offload Rs 10,000 cr of shares
New Delhi: Mutual funds sold shares worth over Rs 10,000 crore during the first 11 months of the current financial year on continued redemption pressure. In contrast, they pumped in a staggering Rs 4.43 lakh crore in the debt market during the period. Mutual funds offloaded Rs 10,319 crore of shares in the first 11 months of this financial year, according to data with market regulator Securities and Exchange Board of India. Fund houses have been net sellers in the equity market since September, while they were net buyers of shares to the tune of Rs 1,607 crore in August. Mutual funds sold equities in nine of the first 11 months and were net buyers in May and August. The biggest outflow in equities during this period was in October, when fund houses pulled out Rs 4,018 crore. Besides, the number of folios in equity-oriented schemes plunged by more than 35 lakh due to volatility in the stock markets.