Life insurers line up 500 schemes for launch next year
New Delhi: As many as 500 new insurance schemes are all set to hit the market in the next couple of months,following the approval of industry regulator IRDA as part of its new guidelines applicable from January 1,2014. The regulator has cleared over 500 products in line with the new design norms which are being introduced by the domestic life insurers,an IRDA official said adding that most insurers have already redesigned their products and also obtained approvals. Insurance Regulatory and Development Authority (IRDA) had issued new guidelines to make policies more customer-friendly. The new guidelines have introduced three broad categories of products traditional insurance plans,variable insurance plans (VIPs) and unit-linked insurance plans (ULIPs). Insurance behemoth LIC has already decided to stop selling as many as 48 insurance plans,including Jeevan Anand,Jeevan Madhur and Jeevan Saral,to comply with new regulatory guidelines,and planned to unveil a slew of new insurance schemes. Private sector insurer Reliance Life Insurance has lined up over two dozen new insurance schemes,which include protection and retirement,for their launch in the next three months.
MF industrys asset base grows by Rs 1 lakh crore in 2013
New Delhi: Following a smart turnaround in 2013 with an increase of over Rs 1 lakh crore in its asset base to nearly Rs 9 lakh crore,the mutual fund industry is looking forward to 2014 in the hope that it would be even better. MF industrys assets under management hit a record high of Rs 9.58 lakh crore in August 2013 and have remained near Rs 9 lakh crore as the year draws to a close. Fund houses are upbeat about an even better performance in 2014 on account of various measures initiated by market regulator Sebi as well as plans of individual players to expand the distribution network across the country,particularly to smaller cities. Association of Mutual Funds in India,chairman and leading fund house Reliance MF chief Sundeep Sikka said that 2014 would be one of the best year for the mutual fund industry as markets are moving in the upward direction.
PSU banks line up QIP issues worth over Rs 15,000 cr
New Delhi: State-run lenders including SBI and IDBI Bank have lined up more than Rs 15,000 crore worth of share-sales to institutional investors to shore-up their capital base. Apart from State Bank of India and IDBI Bank,Indian Overseas Bank,Dena Bank and Allahabad Bank have also evinced interest in raising funds through qualified institutional placement (QIP). Besides,some more public sector banks are in the process of taking approvals from their boards for QIPs. These banks are collectively planning to rake in over Rs 15,000 crore through the proposed share-sale to institutional investors. Many of these lenders are expected to raise funds next year. This alternate resource mobilisation is over and above Rs 14,000 crore capital infusion to be made by the government for the public sector banks during this fiscal. pti