Banking Notes

Written by fe Bureau | Updated: Dec 31 2009, 04:47am hrs
RK Kaul to take over as Oriental Insurance chief

RK Kaul, at present the general manager of National Insurance Company, is slated to take over as the head of the state-owned general insurance company Oriental Insurance. Official sources said Kaul will take over the charge of the chairman and managing director of the insurance firm from M Ramadoss, who is moving to state-owned New India Assurance as its chief. Kaul started his career as an officer with the General Insurance Corporation of India in 1977. After a year, he was assigned to the National Insurance Company Ltd (NICL). Oriental Insurance has 26 regional offices and over 900 branches across the country besides, overseas operations in Nepal, Kuwait and Dubai. The company has an overall head count of 15,000 employees.

Max India to sell stake

Max India Ltd said on Tuesday it will sell 9.4% stake in the company to Goldman Sachs Capital Partners for a rupee equivalent of around $115 million on preferential basis. Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs. Max India will issue fully and compulsorily convertible debentures (FCDs) of the face value of Rs 867 to Goldman through its wholly-owned subsidiary Xenok Ltd, Max India informed the Bombay Stock Exchange.

One Stop Shop gets RBI nod

The Rs 1,500-crore One Stop Shop (OSS) Group has received the permission from the Reserve Bank of India (RBI) for issue and operation of prepaid instruments including cash card, a company statement said. OSS group, engaged in online business is Indias first single window operation, where the consumers can place the orders for both the commodities and services. The users can buy the railway tickets and air tickets. Simultaneously, the users can select various take services including mobile recharging, couriers, forex, medical services, bills payment, make PAN cards, insurance, matrimony and even hire legal services, the release said.

Online MF transaction platform

Registrar & transfer agents Karvy Computershare and Computer Age Management Services (CAMS) have launched a web-based platform, Finnet, to help mutual fund distributors provide services in a cost-effective manner by transacting on an integrated system. Finnet facilitates order placement, execution and customer service on an integrated system, the two firms said in a joint press release. Finnet will help create a strong value proposition among the distributors and eliminate duplicated efforts by distributors as well as investors, Karvy country head V Ganesh said.

Apollo DKV rechristened

Standalone health insurer Apollo DKV on Tuesday rechristened itself into Apollo Munich Health Insurance, following reorganisation of businesses by its German partner. The new name is in line with our brand strategy to communicate the deep rooted expertise of the company. Apollo is a household name synonymous with the best quality healthcare and our partner company Munich Health is a true pioneer in the field of global health risk management, said Apollo Munich Health Insurance CEO Antony Jacob.

Honda Siel, Axis Bank pact

Honda Siel Cars India has announced a channel finance programme in partnership with Axis Bank. As per the memorandum of understanding, the bank has approved a line of credit for financing the dealers of Honda Siel under channel financing of inventory funding for dealer vehicle stocks along with retail financing of auto loans.