Concern in LS over ATMs dispensing fake notes
Concern was expressed in Parliament over growing instances of counterfeit notes being dispensed by ATMs, with a member demanding that those running these outlets be held responsible. Raising the matter during Zero Hour, RSP member Prashanta K Majumdar said circulation of fake currency in the country had grown to such an extent that counterfeit notes were conveniently finding way to banks and re-circulated through ATMs. He alleged that banks could be in collusion and those running the ATMs could also be involved. “The source needs to be checked. When ATMs dispense fake notes, those running them should be held responsible,” he said, demanding adequate steps by the finance ministry to stop the menace.
Chola MS to offer services on mobile
Private sector Insurance firm Cholamandalam MS is planning to offer its services on the mobile phone platform, a top company official said. Cholamandalam MS general insurance is a joint-venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. “We will introduce many new initiatives on the mobile platform soon which shall further delight our customers", Cholamandalam MS General Insurance, MD, S S Gopalarathnam said. He said the company was working over the last couple of years to help customers transact through its website. Meanwhile, Chola MS said, its online portal —www.cholainsurance.com — has taken the top spot in a study undertaken by Yahoo. The website was selected for its 'user-friendly' appeal and economical premium of web policies, it said. Cholamandalam MS General Insurance offers various products like motor, health and travel insurance. In 2011-12, the company achieved a gross written premium of R1,346 crore. It has 92 branches and 6,000 agents across the country.
Bharti AXA Life’s new ‘eProtect’
Private insurer Bharti AXA Life Insurance on Tuesday announced the launch of its improved online term insurance plan, Life eProtect. “Online life insurance has shown tremendous growth potential in the last one year. We launched our online channel earlier this year with 'eProtect' and the response has been very encouraging. Among six, we have become one of the top five players in the online term segment. We