Muthoot Fin to set up 100 white-label ATMs
Gold finance company Muthoot Finance plans to set up 100 white-label ATMs across the country this quarter with the focus on rural and semi-urban areas. The company on Monday inaugurated its first ATM in Chennai, the 29th in the country, Kerala-based Muthoot Finance said in a statement. A white-label ATM is similar to a normal bank ATM with facilities of cash withdrawal and balance enquiry, but is owned and operated by non-banking companies.
ECGC net up 48% at R361 crore in FY14
The Export Credit Guarantee Corporation of India (ECGC) on Monday reported a 48% rise in profit to R360.7 crore for the fiscal ended March 2014, driven by business growth. Investment and other income grew to R477.19 crore during the year from R403 crore a year ago, while recoveries grew 31.66% to R158 crore. Growth in post-tax profit during the year was driven by business growth and rupee depreciation, said N Shankar, CMD of the state-owned firm that provides export credit insurance facilities to exporters and banks. The solvency margin stood at a healthy 11.02 against the minimum solvency ratio of 1.5 prescribed by Irda, Shankar said.
Baheti named IDBI MF MD & CEO
Satya Narayan Baheti has been appointed MD & CEO of IDBI Asset Management. Baheti has earlier worked as chief general manager at the IDBI Bank and brings with him over three decades of experience in the banking and financial industry. Baheti takes over from Debasish Mallick.