Financial Inclusion gets a new definition
Mutual fund services at the door step of investor
Minimum risk to investors and will offer high degree of liquidity
Targeting to spread the Mutual Fund foot print to the hitherto uncovered small investors, Sahara Mutual Fund has planned to launch a Daily Fund with a minimum investment option of just Rs 10, and in multiples of one rupee, thereafter.
The path breaking Sahara Daily Fund is a Systematic Investment Plan which has the facility to collect even small amounts on a daily basis from prospective investors in the far flung areas by providing them collection service at their doorstep
Sahara AMC has just filed a draft offer document of Sahara Daily Fund with the regulator SEBI. ( http://www.sebi.gov.in/mfdp/saharadaily.pdf )
The investment objective of the Open-ended Scheme is to generate returns by investing mainly in debt and debt related instruments including money market instruments. The investment objective is planned with an intention to decrease the risk to minimum for the investors. The CRISIL Composite Bond Fund Index will be the benchmark for the Sahara Daily Fund. Moreover the scheme is proposed to be an open ended one so it can provide investors with a high degree of liquidity. Units may be purchased or redeemed on any business day on an ongoing basis from not later than 30 days after the close of New Fund Offer period, at NAV related price subject to prevailing Load, if any.
The Sahara Daily Fund is in line with the government and regulators in creased emphasis on financial inclusion. While financial inclusion as concept has covered the underprivileged section of the society with credit off-take, there is a huge section across the country that needs a savings product.
For instance, daily wage earners and self-employed with small shops or hand carts do need a convenient as well as an appropriate product suited to their savings needs which will also help reduce their dependence on credit in the future.
Organized sector employment presently comprises less than 10 per cent of the workforce, leaving the vast majority of the working population with irregular income streams and inadequate access to financial services/ products including cushion against unforeseen circumstances.
As per the investment objectives the Daily Fund, will identify securities, which offer superior levels of yield at low levels of risk.The Scheme may also invest in high quality Money Market Instruments.
This scheme is a trend setter in the mutual fund industry which provides opportunity to small investor to participate in the economic development and reap the fruits of financial inclusion as intended by the government.
Thursday, May 7, 2009
Monday, April 27, 2009
IDBI Fortis helps plan retirement with no crunch
• Offers a wide array of flexible investment options to ensure a comfortable paycheck during retirement
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 537 branches and more than 915 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 500 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
• Guaranteed loyalty additions, Tax benefits
MUMBAI: Targeting the Rs 35,000 crore pension plan market, IDBI Fortis Life Insurance today announced the launch of its innovative RetiresuranceTM Pension plan which will help its customer ensure a comfortable paycheck for themselves post retirement.
Launched only last year, IDBI Fortis Life Insurance, one of the fastest growing life insurance companies in India, has come out with WealthsuranceTM, BondsuranceTM and HomesuranceTM plans which have proved to be instant hits with its customers. With the RetiresuranceTM Pension Plan, the company aims to fulfill the needs of the current generation which may find the traditional pensions and gratuity benefits inadequate when they retire.
“With the rising costs of living and fluctuating fortunes, RetiresuranceTM Pension Plan will prove to be extremely useful after one’s retirement when one wants to continue to lead an un-restricted, happy life without having to face a cash crunch,” said Mr. G V Nageswara Rao, MD & CEO of IDBI Fortis Life Insurance.
“Earlier generations may not have had a formal retirement plan but they had relatively fewer consumption needs. It was rare to find people who had shifted through several jobs in the course of an active career. As a result, pensions and gratuities issued by their employers were deemed sufficient. Times have changed now, and in most contemporary industries, few employers provide for a life long pension,” Mr. Rao explained.
Sounding a note of caution, he said that managing finances during retirement would be extremely tough if one hasn’t planned for retirement. The best way to enjoy the good times even in your golden years would be to build your investments in advance for retirement.
The IDBI Fortis RetiresuranceTM Pension Plan allows the customer to choose the premium amount, frequency of payment and payment term, flexibility of reducing premiums within limits or adding top-up premiums as and when one wishes. It offers a wide choice of investment options to build a retirement corpus, such as equity linked funds for those with a high risk appetite and debt funds for those desiring relative stability. The customer also has the option to change his investment options from time to time and use this flexibility to take advantage of changing market conditions. The plan also offers liquidity through partial withdrawals and surrender. Furthermore, the customer also has the option to choose his vesting date (the date when one wants to start the retirement benefits) at any time between age 40 years to 75 years. All these features are with no additional cost to the customer.
IDBI Fortis RetiresuranceTM Pension Plan also boosts the investment returns for its customers through Guaranteed Loyalty Additions at the end of specific terms as an incentive for making long term investments.
Customers of this plan will enjoy tax savings under Sec 80 CCC. More over, one-third of the retirement corpus can be commuted tax free under Sec 10(10A) as well.
About IDBI Fortis:
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. In just five months of inception, we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2009, the company had collected more than 320 Cr in premiums, through over 85,000 policies and over Rs 2,500Cr in Sum Assured. Do visit www.idbifortis.com to know more.
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from over 537 branches and more than 915 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd. Please visit www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 600 branches and 500 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. They operate on the core banking platform and are RTGS/ NEFT enabled through which the Bank offers state-of-the-art technology enabled products and services. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, co-branded credit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations. Please visit www.federalbank.co.in to know more.
Fortis is an international insurance group composed of Insurance Belgium, a leader in life and non-life insurance in Belgium distributing its insurance products through the network of Fortis Bank and independent insurance brokers and Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India. Please visit www.fortis.com to know more.
Saturday, April 25, 2009
Kirit Somaiya blows lid off multi-crore sugar scam
BJP leader and party Lok Sabha candidate from Mumbai North East Dr Kirit Somaiya has sought to blow the lid off a multi-thousand crore sugar scam and demanded an impartial probe by CBI.
Sugar prices have been sky rocketing thanks to the “faulty and lopsided” policies of the UPA government, Dr Somaiya pointed out the centre has been non-transparent and manipulative to say the least.
Explaining the dichotomy of the policies, Dr Somaiya explained that the government first allowed export of over 48 lakh tones of sugar last year at Rs 12 to Rs 13 per kg. Over and above, the private exporters were also given a subsidy of Rs 1.45 per hg. This all happened when the self-styled “Shetkari Raja” (King of farmers) declared that India was a sugar surplus country. The total consumption of Sugar is 230 lakh tonnes annually.
Most shockingly, and not too soon after, the govt. decided to import sugar, at a higher price of Rs. 22/- to 24/- per kg claiming shortage of the commodity. Now in February 2009, the Indian Govt. allowed duty free imports of white sugar up to 10 lakh tonnes and also decided to do away with export obligation for import.
All this has resulted in the sugar prices rocketing up from Rs. 18.50 per kg. in July 2008 to Rs. 26/- per kg. in April 2009.
As per the official record of the Consumer Affairs Ministry of the gov ernment of India, Sugar prices over the past few months are:
July 2008 : Rs. 18.50/- per kg
December 2008 : Rs. 21.50/- per kg.
January 2009 : Rs. 22.00/- per kg.
Feb/Mar 2009 : Rs. 24.00/- per kg
11 April 2009 : Rs. 26.00/- per kg.
The current retail price is around Rs 27 a kg.
The UPA government time and again has been claiming to be pursuing the cause of the Aam Admi, but its own ad-hoc policies on sugar have made the sugar “not so sweet” for the common man, Dr Somaiya said.
The sugar scam, coming as it does in the wake of the wheat scam, exposes the faulty policies of the UPA government, he explained. The UPA government stood exposed due to the import of sub-standard wheat causing havoc in the civic distribution system.
It was apparent that somebody somewhere must have reaped the benefit of the export-import scams. This must be thoroughly probed and culprits must be brought to book, whether the government, the sugar lob by or the sugar lobby representative in the government.
The UPA government policies have been helping only a particular section and rulers have shown scant respect for the common man, he said.
Sugar prices have been sky rocketing thanks to the “faulty and lopsided” policies of the UPA government, Dr Somaiya pointed out the centre has been non-transparent and manipulative to say the least.
Explaining the dichotomy of the policies, Dr Somaiya explained that the government first allowed export of over 48 lakh tones of sugar last year at Rs 12 to Rs 13 per kg. Over and above, the private exporters were also given a subsidy of Rs 1.45 per hg. This all happened when the self-styled “Shetkari Raja” (King of farmers) declared that India was a sugar surplus country. The total consumption of Sugar is 230 lakh tonnes annually.
Most shockingly, and not too soon after, the govt. decided to import sugar, at a higher price of Rs. 22/- to 24/- per kg claiming shortage of the commodity. Now in February 2009, the Indian Govt. allowed duty free imports of white sugar up to 10 lakh tonnes and also decided to do away with export obligation for import.
All this has resulted in the sugar prices rocketing up from Rs. 18.50 per kg. in July 2008 to Rs. 26/- per kg. in April 2009.
As per the official record of the Consumer Affairs Ministry of the gov ernment of India, Sugar prices over the past few months are:
July 2008 : Rs. 18.50/- per kg
December 2008 : Rs. 21.50/- per kg.
January 2009 : Rs. 22.00/- per kg.
Feb/Mar 2009 : Rs. 24.00/- per kg
11 April 2009 : Rs. 26.00/- per kg.
The current retail price is around Rs 27 a kg.
The UPA government time and again has been claiming to be pursuing the cause of the Aam Admi, but its own ad-hoc policies on sugar have made the sugar “not so sweet” for the common man, Dr Somaiya said.
The sugar scam, coming as it does in the wake of the wheat scam, exposes the faulty policies of the UPA government, he explained. The UPA government stood exposed due to the import of sub-standard wheat causing havoc in the civic distribution system.
It was apparent that somebody somewhere must have reaped the benefit of the export-import scams. This must be thoroughly probed and culprits must be brought to book, whether the government, the sugar lob by or the sugar lobby representative in the government.
The UPA government policies have been helping only a particular section and rulers have shown scant respect for the common man, he said.
Thursday, April 9, 2009
Zzebra bags “Most Promising PR Agency Award” from PRCI
MUMBAI, APRIL 08, 2009: The Public Relations Council of India (PRCI) has bestowed the “Most Promising PR Agency Award” on Zzebra PR Ltd at its 3rd Global Meet in Bangalore.
The two-day global PR meet titled “PRoactive” focused on the role of public relations and corporate communications with special emphasis on social issues, including communal disharmony, terrorism, social intolerance, global warming, female infanticide, financial chaos, corruption, traffic woes, and water scarcity, amongst others.
The five-year old Zzebra PR is part of Concept Communication, India’s largest independent agency group. Concept acquired a majority stake in Zzebra PR in 2008, acknowledging the company’s growth into a well-known brand delivering successful communication campaigns to a large number of corporate clients across industries, and leading events in the entertainment, lifestyle, sports, and social sectors.
CP Thomas, Managing Director, Zzebra PR Ltd said: “We are thankful to the Public Relations Council of India for recognizing the great work that we have delivered in a short span of time to a large number of happy clients. We are grateful to our clients who have provided us with an opportunity to work on their communication campaigns. Without their support we would not have been able to achieve the remarkable growth we have seen over the years. This Award is a tribute to the commitment and passion shown by our team who will now strive harder to attain greater heights.”
Zzebra built its foundation not just as a pure play public relations agency, but an integrated communication company which included research, content management, CSR and media relations as key enablers in delivering reputation management. Zzebra was one of the early providers of Online Reputation Management for corporate clients by launching social media communities as part of the communication strategy.
From a two-member team, Zzebra has now expanded to over 50 people with presence in multiple cities across the country, and has emerged as one of the leading communication agencies with clients who seek deep engagement, innovative ideas and excellent value.
For more details please contact:
Neha Parab: neha@zzebra.net / +91 98921 49465
Piya Dasgupta: piya@zzebra.net / +91 98900 32478
The two-day global PR meet titled “PRoactive” focused on the role of public relations and corporate communications with special emphasis on social issues, including communal disharmony, terrorism, social intolerance, global warming, female infanticide, financial chaos, corruption, traffic woes, and water scarcity, amongst others.
The five-year old Zzebra PR is part of Concept Communication, India’s largest independent agency group. Concept acquired a majority stake in Zzebra PR in 2008, acknowledging the company’s growth into a well-known brand delivering successful communication campaigns to a large number of corporate clients across industries, and leading events in the entertainment, lifestyle, sports, and social sectors.
CP Thomas, Managing Director, Zzebra PR Ltd said: “We are thankful to the Public Relations Council of India for recognizing the great work that we have delivered in a short span of time to a large number of happy clients. We are grateful to our clients who have provided us with an opportunity to work on their communication campaigns. Without their support we would not have been able to achieve the remarkable growth we have seen over the years. This Award is a tribute to the commitment and passion shown by our team who will now strive harder to attain greater heights.”
Zzebra built its foundation not just as a pure play public relations agency, but an integrated communication company which included research, content management, CSR and media relations as key enablers in delivering reputation management. Zzebra was one of the early providers of Online Reputation Management for corporate clients by launching social media communities as part of the communication strategy.
From a two-member team, Zzebra has now expanded to over 50 people with presence in multiple cities across the country, and has emerged as one of the leading communication agencies with clients who seek deep engagement, innovative ideas and excellent value.
For more details please contact:
Neha Parab: neha@zzebra.net / +91 98921 49465
Piya Dasgupta: piya@zzebra.net / +91 98900 32478
Tuesday, March 17, 2009
IDBI Fortis gets Rs 250 cr cap infusion
MUMBAI: Giving a boost to its business expansion plans, IDBI Fortis Life Insurance has announced a capital infusion of Rs 250 cr from its shareholders as per their share holding pattern.
IDBI Fortis launched its operations in March 2008 with an initial capital of Rs 200 cr leading with their innovative product, WealthsuranceTM, which has been its flagship product helping it race to over Rs. 2000 Cr of Sum Assured with over Rs 250 Cr of First Year Annual Premiums and over 62,000 policies issued in record time.
The company is targeting a network expansion drive to set up 100 branches across the country. In addition, IDBI Fortis also sells its products through the more than 1100 branches of its shareholder banks, IDBI and Federal Bank.
“The branch expansion drive is going on in full swing and we already have over 30 branches up and running in various states,” said Mr G.V. Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance. “IDBI Fortis is committed to providing comprehensive investment and insurance solutions through innovative products, well-trained sales force and high standards of service.”
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. IDBI Bank owns 48% equity while Federal Bank and Fortis own 26% equity each. Visit www.idbifortis.com to know more.
IDBI Fortis has managed to launch an array of innovative products from its stable.
Its flagship product, WealthsuranceTM Foundation Plan is a unique combination that is termed as an Insured Wealth Plan that aims to provide people a growing wealth plan protected by the benefits of insurance. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, Wealthsurance is a one-stop solution to a customer’s wealth building plans. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds, Asset Allocator Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
With the recent popularity for guaranteed return products, the company launched a unique product, BondsuranceTM that offers tax-free assured returns with life cover.
With the innovative HomesuranceTM Protection Plan, customers can now cover the changing liability that comes with a typical floating rate home loan, along with an optional cover where they can pay off the home loan even in the unfortunate event of any major disease or other unforeseen circumstances.
The fresh capital infusion will also help IDBI Fortis in meeting the solvency requirements and expanding operations due to increased sales besides launching new products and branches.
Friday, March 13, 2009
Reliance Money Exp acquires UK's No 1 Currency
Mumbai, March 13, 2009: Reliance Money Express, part of the Reliance Anil Dhirubhai Ambani Group, today announced that, the company would acquire 51 per cent of No1 Currency, the UK’s fastest growing independent foreign currency specialist.
The announcement was made by Mr. Sudip Bandyopadhyay, Director & CEO, Reliance Money Express here today.
Reliance Money Express plans to acquire a 51 per cent stake in No1 Currency, subject to appropriate approvals. It is the first Indian company to acquire an international foreign exchange company.
“While looking for opportunities to widen our services internationally, we found that No1 Currency offered a strong proposition both in terms of synergy and added value. As one of India’s leading FOREX players, we were impressed with No1 Currency's approach to business and the valuable services which they provide to individual customers and businesses,” said Mr. Bandyopadhyay.
As the UK’s fastest growing foreign currency specialist, No1 Currency provides safe and secure worldwide transfers and Bureau de Change services. Its Bureau de Change is one of the largest chains of bureaux in the UK with over 295 outlets in a variety of stores and locations throughout the UK.
Commenting on the acquisition, Mr. Mark McElney, Managing Director, No1 Currency said, “We are delighted to have Reliance Money Express as a large shareholder in our company and on becoming a part of the Reliance Anil Dhirubhai Ambani Group.”
“The synergy between No1 Currency and Reliance Money Express will open up new and exciting opportunities for business growth,” Mr. McElney continued, “No1 Currency already has a rapidly expanding network of 295 Bureau de Changes throughout the UK, however this alliance will present development opportunities for No1 Currency to lead Reliance ADAG into the European market.”
No1 Currency has a dedicated team of foreign currency specialists who provide a professional and tailored approach to all customers regardless of the amount or regularity of exchanges.
“This acquisition will mark our foray into the international foreign exchange arena. We plan to build synergies between both the companies thereby capitalizing the growth potential of the foreign exchange business.” added Mr. Bandyopadhyay.
Last year, Reliance Money Express acquired a majority stake in Wall Street Finance. It has become the largest private sector player in the remittance business in India.
About Reliance Money
www.reliancemoney.com
Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group is a comprehensive financial services and solution provider, providing customers with access to Equity, Equity and Commodity Derivatives, Portfolio Management Services, Wealth Management Services, Mutual Funds, IPOs, Life and General Insurance and Gold Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing services.
The largest broking house in India with 3 million customers and a wide network of over 10,000 outlets and 20,000 touch points in 5,000+ locations. Reliance Money endeavors to change the way investors transact in financial markets and avails financial services. The average daily volume on the stock exchanges is Rs. 3,000 crores, representing approximately 4% of the total stock exchange volume.
Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.
About No1 Currency
www.no1currency.com
Founded in 1996, Edinburgh-based No1 Currency is the UK’s fastest growing independent foreign currency specialist. No1 Currency is accessible to all, providing safe and secure worldwide money transfers for individuals and corporate clients, as well as competitive Bureau de Change services. No1 Currency offer a range of products to cover corporate clients currency needs, from immediate Spot Price contracts to longer-term Forward and Time-Option Forward contacts, as well as a Limit or Stop Loss Order which protects businesses from adverse currency movements. No1 Currency Bureau de Change is one of the largest chains of bureaux in the UK, with 295 outlets across the UK offering 0% commission on currency exchanges. In 2008 No1 Currency was short-listed for the Ernst and Young Entrepreneur of the Year 2008 prize. For two years running No1 Currency has been listed as a Sunday Times Fast Track 100, making 54th place in 2008. With plans for further growth including doubling size of its Bureau de Change network over the next year and building a greater market in the UK and Europe, this Edinburgh-based Foreign Currency Specialist is paving the way to become a global leader.
The announcement was made by Mr. Sudip Bandyopadhyay, Director & CEO, Reliance Money Express here today.
Reliance Money Express plans to acquire a 51 per cent stake in No1 Currency, subject to appropriate approvals. It is the first Indian company to acquire an international foreign exchange company.
“While looking for opportunities to widen our services internationally, we found that No1 Currency offered a strong proposition both in terms of synergy and added value. As one of India’s leading FOREX players, we were impressed with No1 Currency's approach to business and the valuable services which they provide to individual customers and businesses,” said Mr. Bandyopadhyay.
As the UK’s fastest growing foreign currency specialist, No1 Currency provides safe and secure worldwide transfers and Bureau de Change services. Its Bureau de Change is one of the largest chains of bureaux in the UK with over 295 outlets in a variety of stores and locations throughout the UK.
Commenting on the acquisition, Mr. Mark McElney, Managing Director, No1 Currency said, “We are delighted to have Reliance Money Express as a large shareholder in our company and on becoming a part of the Reliance Anil Dhirubhai Ambani Group.”
“The synergy between No1 Currency and Reliance Money Express will open up new and exciting opportunities for business growth,” Mr. McElney continued, “No1 Currency already has a rapidly expanding network of 295 Bureau de Changes throughout the UK, however this alliance will present development opportunities for No1 Currency to lead Reliance ADAG into the European market.”
No1 Currency has a dedicated team of foreign currency specialists who provide a professional and tailored approach to all customers regardless of the amount or regularity of exchanges.
“This acquisition will mark our foray into the international foreign exchange arena. We plan to build synergies between both the companies thereby capitalizing the growth potential of the foreign exchange business.” added Mr. Bandyopadhyay.
Last year, Reliance Money Express acquired a majority stake in Wall Street Finance. It has become the largest private sector player in the remittance business in India.
About Reliance Money
www.reliancemoney.com
Reliance Money, a part of the Reliance Anil Dhirubhai Ambani Group is a comprehensive financial services and solution provider, providing customers with access to Equity, Equity and Commodity Derivatives, Portfolio Management Services, Wealth Management Services, Mutual Funds, IPOs, Life and General Insurance and Gold Coins. Customers can also avail Loans, Credit Card, Money Transfer and Money Changing services.
The largest broking house in India with 3 million customers and a wide network of over 10,000 outlets and 20,000 touch points in 5,000+ locations. Reliance Money endeavors to change the way investors transact in financial markets and avails financial services. The average daily volume on the stock exchanges is Rs. 3,000 crores, representing approximately 4% of the total stock exchange volume.
Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking groups, in terms of net worth.
About No1 Currency
www.no1currency.com
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Tuesday, March 3, 2009
Indian Economy on road to turnaround
by Ashok Handoo*
Is the Indian economy showing early signs of revival or a turnaround? It may be too early to say yes, but the figures thrown up in recent days certainly point to that. And that should be good news for the managers of the Indian economy. Despite that there is no room for complacency as the challenges ahead are indeed, enormous.
Let us first talk of the turnaround indicators. The official data shows that the cement sector has grown 9.97 percent in December 2008 as compared to November and the year on year increase is 11%. Steel, which declined from September onwards last year, has shown a recovery in December last and January this year. It has now touched 22.86 million metric tones, a figure it achieved in May 2008 when the sectoral growth rate was 4.1%. This may not be quite impressive but the very fact that the sector is growing is a matter of some satisfaction. Passenger vehicles grew at 32% in January 2009 compared to December 2008. Commercial vehicles grew at 23%. These are all encouraging signs.
Job losses are an area of immense concern to all of us. Labour Minister Oscar Fernades informed Parliament recently that half a million jobs had been lost in India due to the economic slowdown. That certainly is a cause of concern. But there is a silver lining too. A recent survey conducted by the HR consultancy firm Hewitt says that less than 13% companies in India were considering retrenchment while 60 % are still hiring. India is at the lowest of the ladder of layoffs, with the US topping the list at 55 %. It is followed by China at 30.6%. Japan, Korea, Singapore and Malaysia also are higher up in the ladder.
On the other hand, the survey shows that India is at the top of the ladder with 8.2% in year on year projected salary hike in Asia- Pacific. Even the US and Japan are expected to have a salary hike of only 3.2 % and 2.3 % this financial year. The projected salary hike is indeed far less than 13.3 % India witnessed in 2008 but in these hard days the picture is not all that gloomy. Hewitt says the survey was conducted in December and January for 480 Indian companies.
Finance Minister Pranab Mukherjee has already urged the Indian Industry not to cut down on jobs and salary cuts could instead be effected to tide over the present turmoil.
By all accounts therefore, the pro-active fiscal and monetary measures taken by the Government and the Reserve Bank of India seem to be showing results. But there is a long, long way to go.
Clearly, the key to deal with the present economic crisis is to increase demand domestically, as we have no control on the demand in other countries which are facing a far worse situation than we do. This is precisely why Indian exports have been suffering a big blow as the US, UK the European countries and Japan, which account for more than half of India’s exports, are in the grip of a recession. The downside is that we may have to wait longer than expected in the export sector until these economies revive.
That also explains why the Government is focusing on stimulating domestic demand by ensuring flow of credit to trade, industry, investment in Infrastructure, Housing and Real Estate. Flagship programmes like NREGS and Bharat Nirman too are being allocated adequate resources. But as Shri Pranab Mukherjee pointed out, this is a global crisis and “Global crisis requires a global response and India is playing its own role in fashioning it.”
The Government, on its part, has been injecting huge amounts into the system through stimulus packages and duty cuts. The 3rd package announced by the Finance Minister in Parliament means pumping another 29,000 crore into the system by way of duty cuts in excise and customs as well as service tax. He also announced that the 4% cut in central excise duties made in December 2008, would continue for the next fiscal as well. In the interim Budget also, Shri Mukherjee projected higher spending in the next fiscal year.
The RBI too has reduced the CRR, the portion of deposits banks are required to keep with the RBI, from 9 percent to 5% during the last 4 months. The Repo Rate, at which RBI lends cash to banks, too has been cut 4 times to 5.5%. The reverse repo rate has also been brought down from 6 to 4 percent.
The question now is whether these rates can be further reduced to put more liquidity in the system. The RBI Governor D. Subbarao says there certainly is room for rate cuts. It is now considering whether the rates should be cut, when and by how much.
Fortunately, the situation on the Inflation front is encouraging. The latest figures show that it has dipped to below 4%, 3.92% to be precise, and is heading towards a further fall in the days ahead. It is estimated to touch the low of 2% by the end of current financial year and continue to fall further, thereafter. So, there is no price pressure on the government to work against pumping more money into the system. Despite this one has to take note of Shri Pranab Mukherjee’s words of caution while presenting the interim Budget. “We have weathered the crisis (from inflation) but there is no room for complacency.” The fiscal deficit which was initially estimated to be around 2.5 percent of the GDP is now likely to be in the range of 6% and could thus be a record high in seven years. Higher deficit has also increased government’s borrowing target from Rs. 2.61 trillion to Rs. 3.06 trillion.
The effect of the global recession on India has been “much sharper” than expected. It therefore calls for more measures to stem the tide of low growth and layoffs. The figures reveled by the Central Statistical Organization say that the Indian economy will grow by 7.1% in the current financial year against 9 percent in the three previous years. The Deputy Chief of the Planning Commission Shri Montek Singh Ahluwalia believes that it would continue to grow at 7 percent in the next fiscal as well despite the impact of the global financial crisis. Some economists however feel that it may come down to 6 percent.
On balance, the economic situation does seem to be looking up. Things are better than what it was 2 months ago. As Shri Ahluwalia puts it “banks are now willing to lend to good companies with a strong financial position. What is now needed is to get credit flowing to the lot of companies in the middle.” The risk perception in banks, which is very high at this point of time, must go. That may, however take some time. Boosting of demand and investment continue to remain the mantra to deal with the current economic crisis.(PIB Feature)
(Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of PIB)
Is the Indian economy showing early signs of revival or a turnaround? It may be too early to say yes, but the figures thrown up in recent days certainly point to that. And that should be good news for the managers of the Indian economy. Despite that there is no room for complacency as the challenges ahead are indeed, enormous.
Let us first talk of the turnaround indicators. The official data shows that the cement sector has grown 9.97 percent in December 2008 as compared to November and the year on year increase is 11%. Steel, which declined from September onwards last year, has shown a recovery in December last and January this year. It has now touched 22.86 million metric tones, a figure it achieved in May 2008 when the sectoral growth rate was 4.1%. This may not be quite impressive but the very fact that the sector is growing is a matter of some satisfaction. Passenger vehicles grew at 32% in January 2009 compared to December 2008. Commercial vehicles grew at 23%. These are all encouraging signs.
Job losses are an area of immense concern to all of us. Labour Minister Oscar Fernades informed Parliament recently that half a million jobs had been lost in India due to the economic slowdown. That certainly is a cause of concern. But there is a silver lining too. A recent survey conducted by the HR consultancy firm Hewitt says that less than 13% companies in India were considering retrenchment while 60 % are still hiring. India is at the lowest of the ladder of layoffs, with the US topping the list at 55 %. It is followed by China at 30.6%. Japan, Korea, Singapore and Malaysia also are higher up in the ladder.
On the other hand, the survey shows that India is at the top of the ladder with 8.2% in year on year projected salary hike in Asia- Pacific. Even the US and Japan are expected to have a salary hike of only 3.2 % and 2.3 % this financial year. The projected salary hike is indeed far less than 13.3 % India witnessed in 2008 but in these hard days the picture is not all that gloomy. Hewitt says the survey was conducted in December and January for 480 Indian companies.
Finance Minister Pranab Mukherjee has already urged the Indian Industry not to cut down on jobs and salary cuts could instead be effected to tide over the present turmoil.
By all accounts therefore, the pro-active fiscal and monetary measures taken by the Government and the Reserve Bank of India seem to be showing results. But there is a long, long way to go.
Clearly, the key to deal with the present economic crisis is to increase demand domestically, as we have no control on the demand in other countries which are facing a far worse situation than we do. This is precisely why Indian exports have been suffering a big blow as the US, UK the European countries and Japan, which account for more than half of India’s exports, are in the grip of a recession. The downside is that we may have to wait longer than expected in the export sector until these economies revive.
That also explains why the Government is focusing on stimulating domestic demand by ensuring flow of credit to trade, industry, investment in Infrastructure, Housing and Real Estate. Flagship programmes like NREGS and Bharat Nirman too are being allocated adequate resources. But as Shri Pranab Mukherjee pointed out, this is a global crisis and “Global crisis requires a global response and India is playing its own role in fashioning it.”
The Government, on its part, has been injecting huge amounts into the system through stimulus packages and duty cuts. The 3rd package announced by the Finance Minister in Parliament means pumping another 29,000 crore into the system by way of duty cuts in excise and customs as well as service tax. He also announced that the 4% cut in central excise duties made in December 2008, would continue for the next fiscal as well. In the interim Budget also, Shri Mukherjee projected higher spending in the next fiscal year.
The RBI too has reduced the CRR, the portion of deposits banks are required to keep with the RBI, from 9 percent to 5% during the last 4 months. The Repo Rate, at which RBI lends cash to banks, too has been cut 4 times to 5.5%. The reverse repo rate has also been brought down from 6 to 4 percent.
The question now is whether these rates can be further reduced to put more liquidity in the system. The RBI Governor D. Subbarao says there certainly is room for rate cuts. It is now considering whether the rates should be cut, when and by how much.
Fortunately, the situation on the Inflation front is encouraging. The latest figures show that it has dipped to below 4%, 3.92% to be precise, and is heading towards a further fall in the days ahead. It is estimated to touch the low of 2% by the end of current financial year and continue to fall further, thereafter. So, there is no price pressure on the government to work against pumping more money into the system. Despite this one has to take note of Shri Pranab Mukherjee’s words of caution while presenting the interim Budget. “We have weathered the crisis (from inflation) but there is no room for complacency.” The fiscal deficit which was initially estimated to be around 2.5 percent of the GDP is now likely to be in the range of 6% and could thus be a record high in seven years. Higher deficit has also increased government’s borrowing target from Rs. 2.61 trillion to Rs. 3.06 trillion.
The effect of the global recession on India has been “much sharper” than expected. It therefore calls for more measures to stem the tide of low growth and layoffs. The figures reveled by the Central Statistical Organization say that the Indian economy will grow by 7.1% in the current financial year against 9 percent in the three previous years. The Deputy Chief of the Planning Commission Shri Montek Singh Ahluwalia believes that it would continue to grow at 7 percent in the next fiscal as well despite the impact of the global financial crisis. Some economists however feel that it may come down to 6 percent.
On balance, the economic situation does seem to be looking up. Things are better than what it was 2 months ago. As Shri Ahluwalia puts it “banks are now willing to lend to good companies with a strong financial position. What is now needed is to get credit flowing to the lot of companies in the middle.” The risk perception in banks, which is very high at this point of time, must go. That may, however take some time. Boosting of demand and investment continue to remain the mantra to deal with the current economic crisis.(PIB Feature)
(Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of PIB)
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