Insurance, banks and more: Money briefs
Kolkata: State-run National Insurance Company (NIC) may soon increase the cost of health insurance premium to offset losses, company sources said. The hike could be between 20 and 40 per cent for NIC health products, sources in the city-headquartered firm added. Meanwhile, speaking on the sidelines of an interactive session of Indian Chamber of Commerce here NIC Chairman and Managing Director NSR Chandraprasad said, “We expect to get the IRDA approval on health insurance tariff in a month’s time.”
HDFC Bank says not much pressure on asset quality
MUMBAI: HDFC Bank is not seeing much pressure on asset quality, although there may be an uptick in bad loans for some products, Executive Director Paresh Sukthankar said on Friday. The bank is also seeing “renewed, intensified competition” from several banks on retail loan products, he added. Earlier, HDFC Bank, India’s No.3 lender, met forecasts with a 30 percent rise in quarterly profit on Friday, led by higher loan growth, better fee income and stable asset quality.
Gold prices at 1-month low; importers active
MUMBAI: Gold prices fell further on Friday to stay near their lowest level in a month, weighed by a stronger rupee amid flat overseas markets, prompting importers to stock up the yellow metal for the wedding season. Silver also declined. The wedding season started this week and will continue until May. Festivals also take place during this period. The most-active gold for February delivery on the Multi Commodity Exchange (MCX) hit a low of
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