?Banks? insurance broking model to gain traction in time?
Notwithstanding the tepid response by banks to act as brokers for selling products of multiple insurers, sectoral regulator Irda is hopeful that this model will pick up in due course even as it said it is renewing the corporate agency licence of banks as of now. ?We have brought out the guidelines for banks acting as insurance brokers. We expect this to happen in due course of time. It can?t be abrupt. It takes some time,? said Irda chairman TS Vijayan.
RBI body for status quo on repo rate
Four members of the RBI technical advisory committee recommended status quo be maintained on the repo rate due to the political uncertainty in the near-term and muted growth. In the RBI’s minutes of the meeting, members said the other reasons were existence of excess capacity in the economy, fall in nominal rate of wage growth and the exchange rate stability.
Muthoot Fin looks to enter insurance biz
Gold loan company Muthoot Finance said on Monday it was evaluating options for foraying into the insurance sector and was on the lookout for a foreign partner in this regard. ?We have not started. Actually, we are evaluating the options. We have to take a call,? said Muthoot Finance senior vice-president (legal, corporate affairs and marketing), George Muthoot Jacob.
Sebi order against Radhe Dev quashed
Securities Appellate Tribunal (SAT) has quashed Sebi?s order against Radhe Developers (India) and its three top executives with respect to violations of norms pertaining to prevention of insider trading. In March last year, Sebi had slapped a total penalty of Rs 21 lakh on Radhe Developers, MD Ashish Patel for trading in the company?s scrip, while possessing unpublished price-sensitive data.