The Financial Planning Standards Board India (FPSB), the professional standards setting body for financial planners, appointed BN Srikrishna, a retired Supreme Court judge, as its chairman. The appointment of Srikrishna, who authored the much-talked about Financial Sector Legislative Reforms Commission (FSLRC), is effective this fiscal. He takes over from Dhirendra Swarup, who was the chairman of the PFRDA. The former Supreme Court judge was also the chairman of the Sixth Central Pay Commission apart from being the chief justice of the Kerala High Court. Srikrishna said, As a public-private enterprise and professional standards setting body for financial planning, FPSB India has been doing a commendable work.
All-women bank to open more branches
Bharatiya Mahila Bank (BMB), the first all-woman bank and a new entrant in the sector, has embarked on a mission to open 55 additional branches pan-India by the next financial year, a senior official said on Tuesday. We are going to touch a mark of 25 branches by end of this financial year, while for the ensuing FY, the target is to have 55 additional branches in the two-tier and unbanked cities, said BMB's chairperson and managing director Usha Ananthasubramanian.
Reliance Life unveils new product
Reliance Life Insurance launched a new traditional product 'Reliance Smart Cash Plus Plan'. The plan is a regular premium non-linked scheme that offers a mix of long-term protection and savings along with the benefit of guaranteed lump sum payment every three years, a company release said. "Smart Cash Plus Plan is designed to provide multiple benefits - long-term security and savings and periodic cash flow - to customers looking for a simple insurance product with guaranteed returns at regular intervals," Reliance Life Insurance CEO Anup Rau said.