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The Insurance Regulatory and Development Authority (IRDA) has asked insurance companies not to accept premium money beyond Rs 50,000 in cash and to strictly adhere to anti-money laundering (AML) guidelines. The regulator has instructed insurance companies to accept premium of more than Rs 50,000 through banking channels such as cheque, credit card or demand draft. … Read more Insurance Premium Money over Rs 50,000 by Cheque Only
Reliance Industries Ltd (RIL), is reported to be in talks with public sector oil marketer Hindustan Petroleum Corporation (HPCL) for a tag up to run the RIL’s fuel retail outlets, closed a year earlier after incurring huge losses. As of now, HPCL has issued a limited tender to five merchant bankers to advise it on … Read more RIL in talks with HPCL on operating petrol pumps
Sonata Software has launched a wholly owned subsidiary at Dubai Internet City, the region’s leading managed ICT cluster. Sonata Software FZ – LLC will provide value-based IT solutions to customers, augmenting its footprints in Middle East and Africa. The company aims to target regional market segments including the travel tourism, hospitality and construction Industries in … Read more Sonata Software establishes regional hub in Middle East
Construction major and cement manufacturer Jaiprakash Associates (JP) is planning to hire 2,000 people in 2009 for its ongoing expansion projects, unlike most of the companies opting for job cuts owing to the financial crunch due to the ongoing economic slowdown. Besides, the company is also planning to give performance bonus and salary hikes to … Read more Jaiprakash Associates plans to hire 2,000 employees this year
Larsen & Toubro (L&T), the capital goods major, has increased its stake in the Kalindee Rail Nirman Engineers to 14.5% from 13.93% through its investment arm — L&T Capital — from the open market. Kalindee Rail is expected to get orders worth Rs 500 crore from the Indian Railways in coming few years. The company … Read more Larsen & Toubro raises its stake in Kalindee Rail
The Indian Banks have been caught on the wrong footing due to the burst in the Real Estate Bubble. The banking sector has demanded the Reserve Bank of India (RBI) to reduce provisions on restructured loan outstanding due of Rs 1 crore or less with small-ticket borrowers. Earlier, the RBI had asked banks to make … Read more Banks demand reducing Home loan provision to 2%