A proposal has been mooted to bring in cooperative urban banks under the purview of the banking ombudsman in view of their key role in banking activity in many states. The proposal was mooted by an internal committee of RBI and a final decision would be taken after eliciting views of the state governments, said A Madasamy, banking ombudsman for Kerala and Lakshadweep.
Karantaka Bank net rises 13%
Karnataka Bank on Thursday posted a 12.87% rise in net profit at R94.17 crore for the June quarter against R83.43 crore in the corresponding period last year. The total income of the bank increased 21.76% during the April-June period to R1,203.80 from R988.66 crore, a year ago. ?Despite a subdued market and industry-specific challenges, the bank has improved on almost all important parametres and has been able to post a result that is better than industry average,? said P Jayarama Bhat, managing director and CEO, Karnataka Bank.
India ranked lowest in money mgmt
India has been ranked lowest in basic money management skills among Asia-Pacific countries, according to MasterCard?s latest Index of Financial Literacy. India, with 59 index points, was ranked 15 among the 16 countries surveyed, ahead of Japan which was at the bottom with 57 index points. In overall financial literacy, New Zealand continued to rank number one with a score of 74 index points, ahead of Singapore (72 index points) and Taiwan (71 index points).
Travel insurance for bus commuters
ICICI Lombard General Insurance Company and Abhibus.com have joined hands to offer insurance cover to bus travellers for a premium payment of R20. ?The premium for availing the insurance benefits for a one-way journey would be R20 only, irrespective of the ticket price or itinerary,? the private insurer said in a release.
