Mahila Bank ties up with New India; launches three health schemes
Bharatiya Mahila Bank (BMB), the first all-women bank, has tied with New India Assurance to launch health insurance products for women account holders of the bank. These policies, BMB Sakhee, BMB-Nirbhaya and BMB-Parivar Suraksha provide customised package of health insurance policies from New India assurance, its chairperson Usha Ananthasubramanian said here.
While Sakhee Policy aimed at rural women, offers covers up to Rs 50,000, the Nirbhaya schemes offers cover limit up to Rs 5 lakh. At the same time, Parivar Suraksha offers family floater facilities, she said. These products would be available on portals for the bank, to create more efficiencies and ease of use, she added. The bank, a pioneering initiative to empower women, was launched in November last year with a corpus of Rs 1,000 crore to function as a universal bank.
Insurers, MFs await regulatory go-ahead for bond trading
Mutual funds and insurance firms are awaiting go-ahead from their respective regulators — Sebi and Irda — with regard to their participation in the newly launched Interest Rate Futures (IRF) on stock exchanges. All three national bourses — NSE, BSE and MCX-SX — launched trading last month in cash-settled IRF contracts, which are based on the benchmark 10-year government bonds, one of the most liquid debt paper instruments.
An IRF is a contract between a buyer and a seller for future delivery of an interest-bearing security such as government bonds. Those allowed to trade in this segment include banks, primary dealers, mutual funds, insurance companies, FIIs, corporates and brokers, as well as retail investors.
While banks, corporates and brokerage firms have already begun trading in IRF, mutual funds and insurance companies are yet to do so and the overall IRF trading volumes have slumped after a robust beginning. According to sources, mutual funds have sought clarity from Securities and Exchange Board of India (Sebi) with respect to definition of hedging while they have also asked for information on whether they would need to have the same underlying security for hedging purposes.
Sebi collates KYC details of nearly two crore investors
New Delhi: As government prepares to set up a central Know Your Client system for entire financial sector, details of close to two crore investors have been collated on a centralised database for various segments of capital markets. In his interim budget speech, finance minister P Chidambaram said the government plans to “create one record for all financial assets of every individual”.
The move is expected to help ease doing business for individuals as well as financial sector entities, including banks, insurers, mutual funds, brokers and others. Following directions from capital markets regulator Sebi, a centralised KYC database has already been set up for all segments under its jurisdiction ,including mutual funds and brokerage firms.
Now, Sebi has cleared a proposal to allow market intermediaries to access investor details from these agencies, rather than carry out a fresh KYC verification procedure. According to latest data available with Sebi, as many as 1.87 crore investors have provided KYC details to five KRAs (KYC Registration Agencies) registered with the market regulator at the end of December 2013.