On April 1, state-run lenders, Dena Bank and Vijaya Bank, merged with Bank of Baroda and became the country’s third largest bank after the SBI and HDFC Bank. The consolidated bank was named Bank of Baroda and has over 9,500 branches, 13,000 ATMs, 85,000 employees and 12 crore customers.Moneycontrol’s Hiral Thanawala spoke to Virendra Sethi, Head of Retail Banking and Mortgage at Bank of Baroda, talks about the way the bank is gaining by cross-selling to new customers of the merged entity and changes made in products portfolio. He also elaborates on switching from MCLR to repo rate-linked home loans, and using credit scores of borrowers to price the loans on offer.Q: How do you plan to gain from this mega-merger and what are the products/schemes that you plan to cross-sell to customers of the merged entity?Close A: After amalgamation, at the back-end we ran an algorithm to identify potential customers from Dena Bank and Vijaya Bank with a good track record of savings and … [Read more...] about ‘This is the best time to switch from MCLR to repo-rate-linked home loans:’ Bank of Baroda
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This is the age where most people complete their education and start on their first job. The may get married in their mid or late 20s. Let us analyse the typical insurance needs of such a group of people.Life InsuranceThe first thing to determine is whether or not anyone is dependent on your income. If there is absolutely no one in your life that you are responsible for, except yourself, then you may skip purchasing any life insurance. However, if you support anyone in either a small or large measure, please take an appropriate amount of term insurance.A term insurance is a simple insurance policy that pays a nominee (your dependent) a lump sum amount of money (called sum assured) on your death. If you are a healthy person, term insurance should not cost you much. It is available online and easy to buy. You may have to undergo medical tests. Smokers will have to disclose their habit and may have to end up paying a higher premium for the term insurance.Close An … [Read more...] about Viewpoint | A quick and simple guide to insurance for people in their 20s
Most of us have seen banners, hoardings, advertisements in newspapers, television and the internet saying, 'Secure your family’s future with Rs 1 crore life cover at just Rs x per month'.Well, it does sound like a great opportunity to get life cover at nominal prices. But is Rs 1 crore life cover sufficient?Coming across such term insurance ads promoting the magical number of Rs 1 crore, we may think that it is wonderful. A large financial cover that takes care of the family at such a nominal amount, the premium amount turns out to be what we normally spend on tea/coffee every month, does seem exciting.Close However, before you buy that Rs 1 crore life cover, stop and consider this: Is a cover of Rs 1 crore really enough for me?Mahavir ChopraHead - Health & Accident Life Insurance|coverfox.com IRDAI’s circular: The regulator steps in to ensure enhanced health insurance coverageBolster your term insurance cover with ridersCan NRIs purchase life insurance in India?On … [Read more...] about Viewpoint | Is life cover of Rs 1 crore enough?
In a surprise move, the Reserve Bank of India (RBI) left policy rates unchanged after the Monetary Policy Committee (MPC) raised concerns on higher inflation but continued with accommodative stance for future easing.While there is room for rate reduction going ahead, RBI Governor Shaktikanta Das said that the cuts need to be timed well for better impact.Meanwhile, the Securities Appellate Tribunal (SAT) asked market regulator SEBI to hear lenders’ concerns and deliver its decision on reversal of pledged shares to Karvy Stock Broking’s clients by December 12.Explained | How Karvy went from broking to brokeWhile lenders are facing chances of huge write-offs due to fraudulent activities of Karvy, it also likely that they skipped a few check-boxes themselves while lending against third party shares.Also, norms for brokers and banks laid down by their respective regulators do not seem to be on the same page.RBI keeps rates unchanged, FY20 growth forecast cut to 5% from 6.1%The … [Read more...] about Banking wrap: RBI maintains status quo, lenders await SEBI’s decision in Karvy case after SAT order
The nonprofit charity evaluator GiveWell is known for its rigorous Silicon Valley-style of scientific analysis: In order to be become a recommended recipient for donors, organizations must prove that they can save lives both effectively and economically. advertisement advertisement The group has funneled $260 million to cause groups since 2007, even if there aren’t that many that pass muster. “Our goal is to develop a short list of cost-effective organizations that we put thousands of hours into vetting,” says cofounder and executive director Elie Hassenfeld. “The idea is that anyone who wants to give to charity can use our research and have a big impact.” 2017 findings, GiveWell recommends nine groups across five different cause areas, mostly in sub-Saharan Africa and Asia. That’s up from seven nonprofits in 2016, which tapped into just three areas of need. GiveWell’s Recommended Charities: Against Malaria Foundation: Preventing … [Read more...] about 9 Effective-Altruism-Endorsed Organizations For The Most Rational Givers