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Govt approves conversion of loan to HPL into equity
The government today approved the conversion of its Rs 128 crore loan to state-run Hindustan Prefab (HPL) into equity to help the company becoming a viable enterprise.

V V: Correcting the fault lines of capitalism
In the long run,” John Maynard Keynes had famously said, “we are all dead.” Keynes may not have been quite dead, but he had lived a ghostly half-life in the corridors of central banks and within the academia for decades. Now with the failures of unbridled capitalism on a global scale, he is back in fashion, along with Marx. John Cassidy, the finance correspondent for the New Yorker has come with How Markets Fail: The Logic of Economic Calamities (Allen Lane/Penguin £25), which draws heavily on Keynes to recount the story of America’s housing boom and the failures of regulators and self-deception of bankers that led to the present financial crisis. The book is a sequel to Cassidy’s earlier book DotCon that dealt with the stupidities of the stock market bubble in the late 1990s, but both deal with one central idea: the belief that society is best served when individuals are left free to pursue their self-interest was “Utopian economics” and led to disaster because of “the crooked timber of humanity”, and the uncertainty that is inherent in any human enterprise.

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Maoist hindering land acquisition for Tata steel project: Raman
Chhatisgarh Chief Minister Raman Singh today said Maoists are hindering acquisition of land for Tata Steel"s proposed five million tonne integrated greenfield steel plant in the state.
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Banks may sell products of multiple insurers

Irda panel moots each lender tying up with two life, two non-life and two health insurers. - SBI gets final nod for non-life venture - Where do I begin? - Aegon Religare to enter health ins, launch upto three products - Reliance Life IPO likely in Q1 of next fiscal: Ghosh - Some advice on choosing money advisors - Jamal Mecklai: Dear Mr Bhave (and Dr Subbarao)">Jamal Mecklai: Dear Mr Bhave (and Dr Subbarao) Banks are likely to be allowed to sell insurance products of two life, two non-life and two health insurance companies. Sources close to the development said that the Govardhan Committee, which is due to submit its report soon, has given a recommendation to this effect. There are 23 life insurance companies, 22 non-life and two health insurance companies in the industry. Of this 11 life insurance companies and three non-life companies are sponsored by banks. The Insurance Regulatory and development Authority (Irda) has formed this committee to look into the bancassurance model after a host of insurers had requested the regulator to relax the current rules of agency tie-up with only one company. Banks either sell insurance policies of their insurance subsidiaries or promote products of insurers which give them higher commission. Bank-sponsored insurance companies, however, had expressed their concerns on opening up the model, saying this would lead to higher mis-selling. At present, banks charges 2-22 per cent commission from the insurance companies depending on the products. There are apprehensions among the insurers that this would also lead to competition in the commission paid by banks. Banks can enter into a tie-up for three-seven years with any insurance company. “We are prepared for multiple tie-ups. Our preferred approach was one insurance company per bank, as we understand that the industry is not mature enough for this structure. It would not be in the interest of the customers,” said SBI Life Managing Director and Chief Executive Officer M N Rao. Banks are low-cost distribution channel with high customer base and reach. Insurance companies, which are not promoted by banks, believe that an open architecture will help them bring down their expenses. The latest entrants in the market are promoted by banks such as Star Union Daiichi Life Insurance, Canara HSBC Oriental Life and operate through bank branches and have opened few offices. “Though open architecture is allowed in the UK, HSBC sells products only of HSBC Life and contributes 15 per cent to the total profit. The agency model has so far not been successful in India,” said Canara HSBC Oriental Insurance Chief Executive Officer Harpal Karlcut. “Recent entrants in the market like us will have opportunity to work with banks. Banks will have better products and it will allow customers to have a bouquet of products,” said Future Generali Life Insurance Chief Executive Officer Deepak Sood. [----------] : OCT 5: Banks want exclusive deals


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