RBI has limited banks' participation in the interest rate futures market. Banks cannot trade in exchange-traded interest rate futures on behalf of their clients and can only take proprietory positions in the market, said the RBI in a release on Thursday.
Nomura sees 0.50% rate hike by June
Japanese brokerage Nomura on Thursday said it expects RBI to hike the repo rate by 0.50% by June 2014, saying a sharp fall in the retail inflation is unlikely anytime soon. The assessment comes a day after the apex bank kept repo, or short-term lending rate, unchanged at 7.75% at its mid-quarter review of monetary policy meet.
Canara Bank to open branch in NY
Canara Bank on Thursday said it has received licence to open a branch in New York. The bank, which is expanding its global presence, has got the approval of the US regulators in record 20 months after filing the request that it claims to be the fastest for any Indian bank.
HDFC Life mulls 21 products by Jan
Private insurer HDFC Life on Thursday said the company is planning to launch by January 2014 about 21 products, of which 10 will be market-linked and 11 traditional plans, in compliant with new regulations issued by the Irda.
Edelweiss Tokio Life launches 2 products
Edelweiss Tokio Life Insurance on Thursday introduced two products — Life-Milestones plan, a non linked participating money back life insurance product, and Life-Cash Income plan, a non participating, non-linked life insurance offering. Both the plans address the wealth accumulation needs of a customer and protection needs, Edelweiss Tokio Life said.
Illness, accident plans launched by Religare
Religare Health Insurance on Thursday launched a critical illness and personal accident product ‘Assure’ for the retail market customers. “Assure offers a sum insured of up to R1 crore, the highest among currently available critical illness products, along with an annual health check-up for the insured member, at no extra cost,” Religare said in a statement.
SBH launches new savings bank a/c
State Bank of Hyderabad (SBH) has launched a new savings bank account. The scheme offers residents and NRIs several facilities provided they have an average quarterly balance of R1 lakh or deposits of R10 lakh in the form of savings, term deposits and FCNR together.
IOB gets nod for fund infusion
Chennai-headquartered Indian Overseas Bank (IOB) has obtained the shareholders nod for the bank’s capital infusion