All is well with market at current levels: Nirmal Bang

In the previous fortnight, the Indian bourses witnessed strong FII inflows mainly on the back of profit-booking in base metals like copper, zinc and nickel. These funds found their way into India and the Philippines, among other emerging nations, giving a fillip to the stock markets, and are likely to continue, going forward.
Also, after the recent hike in interest rates by the Reserve Bank of India in its monetary policy review, the upside now seems to be capped at the current rate.
The Nifty benchmark index has support at the 5,800 level and at the 5,750 level, thereafter. The markets look good at current levels for investors and traders alike.
Market participants can consider stocks like Axis Bank (LTP: Rs 1,409.05), Bank of India (LTP: Rs 479.90), Orchid Chemicals & Pharmaceuticals (LTP: Rs 317.30), Bharat Forge (LTP: Rs 355.35), Federal-Mogul Goetze (India) (LTP: Rs 212.05) and Mcleod Russel India (LTP: Rs 262.35) as they look attractive at the current levels.
Sectorally speaking, cement looks good and market participants can look at Prism Cement (LTP: Rs 54.10), Grasim Industries (LTP: Rs 2,529.90) and ACC (LTP: Rs 1,091.95) from investment as well as trading perspectives.
The fourth quarter company results, which are also the year-end financial results for 2010-11, are likely to be the highlight of the coming month. The streets are expecting a mixed bag of results for the quarter. However, banking could be a positive surprise.
On the global level, rising crude oil prices could be a cause of concern in the next fortnight.

http://www.moneycontrol.com/news/marketoutlook/alliswellmarketatcurrentlevelsnirmalbang_535187.html

ICICI Bank and Intuit launch “Money Manager”

ICICI Bank Ltd, India's largest private sector Bank  and Intuit, a leading
global developer of business and personal finance management solutions, today   
announced the launch of "Money Manager". It is an on-line personal finance
management solution which helps banking customers understand their spending
habits and organize their finances by providing them with details of all their ICICI Bank
accounts on a single platform. 
This web-based solution, available through ICICI Bank's website, delivers the flexibility
to focus on specific details such as earnings, savings, spends and loans. "Money
Manager" makes it easy for customers to quickly and easily categorize their expenses
and set and track a realistic budget to achieve their financial goals.  
Mr Rajiv Sabharwal, Executive Director, ICICI Bank  Ltd, said, "Our Bank has always
focused on innovation in technology for customer empowerment. Internet Banking is
core to our technology prowess and we constantly innovate to provide path-breaking
solutions for our customers on-line." "Money Manager" is a unique personal finance
management solution which will give customers convenience of aggregating their
accounts and providing output required for managing expenses."
"Money Manager is the latest in a line of Intuit offerings that improve people's
financial lives so profoundly that they cannot imagine going back to the old way of
doing things," said Mr Alex Lintner, President, Global Business Division, Intuit Inc.
"Money Manager is unique to India and was specifically built for the market, while
leveraging the insights and learning's from our Quicken and Mint products. As a result
Intuit and ICICI Bank can deliver a world-class offering that addresses the unique
needs of banking customers."
With "Money Manager", ICICI Bank net banking customers can:   
• Aggregate all their ICICI Bank Accounts (Savings Account, Credit Cards,
Loans, DEMAT etc.) automatically on one screen
• It will automatically segregate transactions across different income or
expense categories
• Set their monthly budget and monitor the performance of investments 
• Get custom alerts on their balances, transactions and bill payments

About ICICI Bank: 
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second
largest bank in the country, with consolidated total assets of over $115 billion at
December 31, 2010. ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage firms, mutual funds
and private equity firms. ICICI Bank's presence currently spans across 19 countries,
including India.
  About Intuit Inc.:
Intuit Inc. is a leading provider of business and financial management solutions for
small and mid-sized businesses; financial institutions, including banks and credit
unions; consumers and accounting professionals. Its flagship products and services,
including QuickBooks®, Quicken® and TurboTax®, simplify small business
management and payroll processing, personal finance, and tax preparation and filing.
ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional
accountants. Intuit Financial Services helps banks  and credit unions grow by
providing on-demand solutions and services that make it easier for consumers and
businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The
company has approximately 7,700 employees with major offices in the United States,
Canada, the United Kingdom, India and other locations. More information can be
found at www.intuit.com.
 
Except for the historical information contained herein, statements in this release, which contain words or
phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may
constitute 'forward-looking statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ materially from those suggested
by the forward-looking statements. These risks and uncertainties include, but are not limited to our
ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future
levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance
for credit losses, technological implementation and changes, the actual growth in demand for banking
products and services, investment income, cash flow projections, our exposure to market risks as well
as other risks detailed in the reports filed by us  with the United States Securities and Exchange
Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof.

Raghuram Rajan opposes issuing of licence to corporate houses

Reserve Bank of India has started issuing Banking licences to the foreign banks and corporate houses to start operating banking operations in the country but former IMF chief economist and honorary advisor to PM, Mr. Raghuram Rajan has opposed the idea.

"I think the old RBI policy of not allowing corporates banking licence was good one. I still stand by that. Whether it will continue with this or not is a different question," he said.

He stressed on giving preference to the NFBCs and MFIs over corporate houses. He said "If corporates are given licence, the regulator needs to ensure there is no inter-company lending, proper risk management processes are followed and there is enough transparency."

Ratnakar Bank has entered in to an agreement with the AGS Transact Technologies. According to the agreement AGS technologies will install ATMs for the lender and will also provide with technology based solutions for banking, retail, petroleum and postal sector.

The Head of Ratnakar Bank (Direct Banking Channels) Mr. Ritesh Rai said "The ATM deployment is a part of our plan towards aggressive expansion in the country. We have been looking for a strategic partner to help us with this objective. AGS' expertise in ATM management will help us in gaining a strong foothold and increasing our network."

President and CEO of AGS Transact technologies Mr. Sunil Udupa said "We have been servicing 10,000-plus ATMs through our state-of-art 24X7 command center that gives confidence to our customers. With this, we believe we can add great value to the bank's initiatives."

The National Payment Corporation (NPCL) has partnered with three banks and has launched Aadhar Enabled Payment System (AEPS) Project. The project is aimed to make banking process easier for the poor and less educated population in the country. The Business Correspondents have a major role to play in the implementation of the project.

Under this project, the customers will be able to withdraw or deposit cash, make balance enquires and they will also be able to transfer funds through Business Correspondents by using their UIDs

NPCL defines this facility as "a bank-led model, enabling online financial inclusion transaction at PoS or point of sale, or the MicroATM, through Business Correspondent (BC) of one bank for customers of another using Aadhar Authentication."

Through this project NPCL will give a boost to the Financial Inclusion Plan as it will make easy to access their account for the no-frills account holders in the remote areas of the country.

The project is made functional in various districts of Jharkhand, where UIDs have been allotted. The three banks that are involved with this project are ICICI Bank , Union Bank of India and Bank of India.

REPRESENTATIONS AND WARRANTIES

In consideration of the Lenders having agreed to provide / provided the Facility to the
Borrower in terms of the Facility Agreement, the Borrower makes the following
representations, warranties and agreements and confirms that (except unless otherwise
permitted by the Lenders or as otherwise disclosed to the Lenders in the Credit Application or
otherwise in writing) they are, true, correct, valid and subsisting in every respect as of the
date of the Facility Agreement, as of the date of each disbursement by the Lenders under the       
Page 12 of 39
Facility Agreement (in each case, before and after  giving effect to disbursements occurring
on such date) and as on each Due Date, which representations, warranties and agreements
shall survive the execution and delivery of the Facility Agreement and the provision of the
Facility under the Facility Agreement and repayment/payment in full of the Facility and all
monies in respect thereof: 
(a)  CREDIT APPLICATION
The Credit Application, if any, is true and accurate in all material respects, is not misleading
and does not omit any material fact, the omission of which would make any fact or statement
therein misleading and the Credit Application shall be deemed to form part of the warranties
herein contained.
(b)  STATUS AND AUTHORISATIONS
i) The Borrower is duly incorporated and validly existing under the laws of India and
has the power to enter into the Facility Agreement and the other Transaction Documents and
Project Documents and to own its assets and carry on its business and operations (including
the Project) as it is being or is proposed to be conducted.
ii) All acts, conditions and things required to be done, fulfilled or performed, and all
authorisations required or essential, for the purpose of the Project or for the entry and
delivery of the Facility Agreement and the other Transaction Documents or for the
performance of the Borrower's obligations in terms of and under the Facility Agreement and
the other Transaction Documents have been done, fulfilled, obtained, effected and performed
and are in full force and effect and no such authorisation has been, or is threatened to be,
revoked or cancelled. 
iii) The Borrower has not received any notice, nor is it aware that any authorisation from
concerned authority(ies) necessary or required to be obtained in present or in future, will not
be granted or obtained.
iv) The Borrower has, wherever necessary, obtained import licences with list of
equipment and/or necessary authorisation about eligibility, scope and validity of imports
under open general licence for equipment to be imported for the Project.
v) The Borrower is in compliance in all respects with all laws and regulations affecting
its assets, the Project and its business and operations.
(c)  LEGAL VALIDITY
The Facility Agreement, the Transaction Documents and the Project Documents have been
duly and validly executed by its authorised Directors/Members/Trustees   or executives and
the Facility Agreement constitutes, and each Transaction Document and the Project
Documents constitute or when executed in accordance with its terms will constitute, legal,
valid and binding obligations of the Borrower and the relevant parties thereto enforceable in
accordance with their respective terms. The Borrower has taken all steps and done all acts to
ensure that the Facility Agreement and each Transaction Document and Project Document is
admissible in evidence in India.
(d)  NON-CONFLICT
The entry into, delivery and performance by the Borrower of, and the transactions
contemplated by, the Facility Agreement and the other Transaction Documents do not and
will not conflict :
i) with any law; 
ii) with the constitutional documents of the Borrower; or
iii) with any document which is binding upon the Borrower or on any of its assets. 
(e)  NO DEFAULT
i) No default is subsisting or might result from the execution of, or the availing of the
Facility under, the Facility Agreement by the Borrower. 
ii) No other event or circumstance is subsisting which constitutes (or with the giving of
notice, lapse of time, determination of materiality or the fulfilment of any other applicable
condition or any combination of the foregoing, might constitute) a default under any
document which is binding on the Borrower or any of its assets. 
iii) The Borrower is not in breach of the terms of the Facility Agreement or any other
Transaction Document and no Event of Default is subsisting.
iv) The Borrower is not in breach of the terms of any Project Document nor (so far as it is
aware) is any other party thereto, to an extent which might have a Material Adverse Effect.
(f)  TAXES ON PAYMENTS
The Borrower agrees to pay any and all duties and all other applicable indirect taxes, duties,
or levies whether present or future, including but not limited to interest tax, service tax, cess,
sales tax, levied by Central/State Governments or any other statutory authority, under the
applicable laws as may be amended from time to time, which may be payable in connection
with the Facility Agreement.
(g)  OWNERSHIP OF ASSETS
The Borrower has good title to, or valid leases or licences of, or is otherwise entitled to use its
assets.
(h)  IMMUNITY
i) The execution or entering into by the Borrower of the Facility Agreement and the
other Transaction Documents constitute, and its exercise of its rights and performance of its
obligations under the Facility Agreement and the other Transaction Documents will
constitute, private and commercial acts done and performed for private and commercial
purposes.
ii) The Borrower is not, will not be entitled to, and will not claim immunity for itself or
any of its assets from suit, execution, attachment or other legal process in any proceedings in
relation to the Facility Agreement and/or the other Transaction Documents.

(i)  JURISDICTION/GOVERNING LAW
The Borrower's:
i) irrevocable submission to the jurisdiction of courts as specified in Facility Agreement,
and
ii) agreement that the Facility Agreement and the other Transaction Documents is
governed by Indian law (unless such Transaction Documents stipulate / specify otherwise), 
are legal, valid and binding on the Borrower under Indian law.
(j)  ACCOUNTS
The most recent audited accounts of the Borrower delivered to the Lenders:
i) have been prepared in accordance with accounting principles and practices generally
accepted in India, consistently applied;
ii) have been duly audited by the statutory auditors of the Borrower; and
iii) represent a true and fair view of its financial condition as at the date to which they
were drawn up
and there has been no Material Adverse Effect since the date on which those accounts were
drawn up.
(k)  LITIGATION
No litigation, arbitration, administrative or other proceedings are pending or threatened
against the Borrower, its directors / partners / trustees, its assets or the Project, which, if
adversely determined, might have a Material Adverse Effect.
(l)  INFORMATION
i) All information communicated to or supplied by or on behalf of the Borrower to the
Lenders from time to time, whether in writing, electronic form or otherwise, is true, correct
and complete in all respects as on the date on which it was communicated or supplied. 
ii) Nothing has occurred since the date of communication or supply of any information
to the Lenders which renders such information untrue or misleading in any respect and
which, if disclosed, might adversely affect the decision of the Lenders to enter into, or to
make disbursements under the Facility Agreement.
(m)  PROJECT DOCUMENTS
i) All Project Documents delivered to the Lenders by or on behalf of the Borrower were
genuine and in the case of copies, such copies were, at the date of delivery, true, complete
and accurate copies in all material respects, of originals which had not been amended or
superseded in any way. The services to be provided, materials to be supplied, and the
easements, leases, licences and other rights granted or to be granted to the Borrower pursuant
to the terms of the Project Documents provide or will provide the Borrower with all rights
and property interests required to enable the Borrower to obtain all services, materials or
rights (including access) required for the design,  construction, start-up, operation and
maintenance of the Project, including the Borrower's full and prompt performance of its
obligations under the Project Documents other than those services, materials and rights that
reasonably can be expected to be obtained in the ordinary course of business without material
additional expense or delay. 
ii) Save for the Project Documents, there are no other material agreements or contracts to
which the Borrower is a party, copies of which have not been delivered to the Lenders and
there are no agreements or arrangements (whether in writing or otherwise) modifying or
amending any Project Document, other than those furnished to the Lenders.
(n)  INTELLECTUAL PROPERTY
i) The Borrower owns, has licence to use or otherwise has the right to use, free of any
pending or threatened liens, all Intellectual Property or Intellectual Property Rights, which are
required or desirable for the conduct of the Borrower's business and operations and the
Borrower does not, in carrying on its business and  operations, infringe any Intellectual
Property Rights of any person.
ii) None of the Intellectual Property or Intellectual Property Rights owned or enjoyed by
the Borrower, or which the Borrower is licensed to use, which are material in the context of
the Borrower's business and operations are being infringed nor, so far as the Borrower is
aware, is there any infringement or threatened infringement of those Intellectual Property or
Intellectual Property Rights licensed or provided to the Borrower by any person.
iii) All Intellectual Property or Intellectual Property  Rights owned by the Borrower or
which the Borrower is licensed to use are valid and subsisting. All actions (including
registration, payment of all registration and renewal fees) required to maintain the same in
full force and effect have been taken.
(o)  INSURANCES
i) All insurances which are required to be maintained or effected by the Borrower or any
other person pursuant hereto or any of the Transaction Documents are / will be in full force
and effect and no event or circumstance has occurred, nor has there been any omission to
disclose a fact, which would in either case entitle any insurer to avoid or otherwise reduce its
liability under any policy relating to the insurances.
ii) The Borrower has complied / shall comply with its obligations with respect to
insurances under the Facility Agreement and each Transaction Document.
(p)   NO OTHER BUSINESS
The Borrower has not engaged in any business or activities, either alone or in partnership or
joint venture.
(q)  TAX COMPLIANCE
The Borrower has complied in all material respects with all taxation laws in all jurisdictions
in which it is subject to taxation and has filed all tax returns and paid all taxes and statutory
dues due and payable by it and, to the extent any taxes are not due, has established reserves
that are adequate for the payment of those taxes and statutory dues. the Lenders shall not be
responsible for the compliance of direct and indirect tax obligations by the Borrower.
(r)  BANKRUPTCY
The Borrower has not taken any action and no other  steps have been taken or legal
proceedings started by or against it in any court of law for its winding-up, dissolution,
administration or re-organisation or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer of the Borrower or of any or all of its assets.
(s)  ENVIRONMENT
i) The Borrower has obtained all authorisations under applicable environmental laws
and is and has been in compliance with all such authorisations and laws and there are no
circumstances that may at any time prevent or interfere with such compliance.
ii) As at the date of the Facility Agreement, no further environmental authorisations
other than those already obtained are required for  the carrying on of the business and
operations of the Borrower as currently conducted.
iii) There is no claim pending or threatened, against the Borrower for any breach of
environmental law which, if adversely determined, might have a Material Adverse Effect.
(t)      AFFILIATES
The Borrower is not a party to any contract or agreement with, or any commitments to,
whether or not in the ordinary course of business,  any affiliates or group companies other
than on a commercial basis and on terms no less favourable to the Borrower than those that
the Borrower would have obtained had the Borrower entered into any contracts or agreements
with any party other than such affiliates or group companies.
(u)  ENCUMBRANCES
There are no encumbrances subsisting or in existence on any of the Borrower's assets.
(v)  ARRANGING OF FINANCIAL ASSISTANCE
The Borrower has entered into effective agreements  or made arrangements for raising of
funds as per the Financing Plan.
(w)      WILFUL DEFAULTER
No director/partner/member/trustee, as the case may be, of the Borrower has been declared to
be a wilful defaulter and neither the name of the Borrower nor its director(s) figure in any list
of defaulters circulated by RBI or any bank and financial institution nor the names of its
directors appear in caution list issued by RBI, etc. 
(x) NO CONFLICT
None of the directors / partners / manager / trustee / employee of the Borrower is a director or
relative of a director of any of the Lenders nor does any director of the Lenders hold any
substantial interest in the Borrower.

IMF Activates Expanded New Arrangements to Borrow (NAB)

The International Monetary Fund (IMF) has formally completed the process of activation of the expanded New Arrangements to Borrow (NAB), which became effective on March 11, 2011 The NAB is a standing set of credit lines under which 39 members or their institutions are committed to provide supplementary resources to the IMF. The total agreed size of the credit lines under the expanded NAB now amounts to SDR 367.5 billion (about US$581 billion). Pending the effectiveness of the expanded NAB, member countries had already pledged more than $300 billion of the total in immediate bilateral financing. Bilateral lines from NAB participants will no longer be used to finance new commitments, and outstanding balances under their bilateral lines may be folded into the NAB.

The NAB is supplementary to quota resources, which are made up of the quota subscriptions each country pays upon joining the Fund and in the context of quota increases thereafter, broadly based on its relative size in the world economy. The IMF is a quota-based institution, and the Fund's Board of Governors has emphasized that each member of the Fund commits to use its best efforts to complete the steps required to make the quota increase under the 14th General Review of Quotas effective no later than the Annual Meetings in 2012. When the quota increase comes in to effect, quota resources will increase from a current approved level of SDR 238.3 billion (about US$377 billion) to approximately SDR 476.8 billion (about US$754 billion), and the NAB will be correspondingly scaled back, with details to be determined during the review of the NAB to be completed by mid-November 2011.

The activation of the NAB, which required the consent of participants representing 85 percent of total credit arrangements eligible to vote and the approval of the IMF's Executive Board, followed the expansion of the NAB completed on March 11, 2011. The reforms also made the NAB a more flexible and effective tool of crisis management and responded to a call by the leaders of the Group of 20 (G-20) and endorsed by the International Monetary and Financial Committee (IMFC) to increase the financing available to the Fund. Thirteen new participants, including a number of major emerging market economies, have joined 26 participants in the previous NAB or are in the process of completing their domestic processes for adherence to the expanded NAB.

http://www.banknetindia.com/banking/110413.htm

North Penn Bancorp, Inc. Shareholders Approve Pending Merger with Norwood Financial Corp.

SCRANTON, Pa., April 8, 2011 /PRNewswire/ -- North Penn Bancorp, Inc. (OTCBB: NPBP), the holding company for North Penn Bank, Scranton, Pennsylvania, announced today that at a special meeting of shareholders held on April 8, 2011, the shareholders of North Penn Bancorp voted to approve the Company's pending merger with Norwood Financial Corp. (NASDAQ Global: NWFL).  More than 98% of the votes cast by North Penn Bancorp's shareholders were in favor of the merger.

Completion of the merger is subject to certain conditions, including receiving requisite regulatory approvals.

'We are pleased with this overwhelming endorsement of our merger by North Penn Bancorp's shareholders and are appreciative of the support that our shareholders have given us over the years,' said Frederick L. Hickman, President and CEO of North Penn Bancorp. 

Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial commented: 'We are very pleased with the tremendous show of support from North Penn's shareholders for the merger of our companies. We look forward to welcoming the North Penn customers, stockholders and employees to Wayne Bank.'

North Penn Bancorp, Inc. is the holding company for North Penn Bank, a Pennsylvania savings bank that conducts its business from its main office in Scranton, Pennsylvania and four branch offices, in the northeastern Pennsylvania counties of Lackawana and Monroe.  As of December 31, 2010, North Penn Bancorp, Inc. had total assets of $163.9 million, total net loans of $120.3 million, total deposits of $136.3 million and total stockholders' equity of $19.6 million.  North Penn Bancorp, Inc.'s common stock is traded on the Over-the-Counter Bulletin Board under the symbol 'NPBP.' 

Norwood Financial Corp., through its subsidiary Wayne Bank, operates eleven offices in Wayne, Pike and Monroe Counties, Pennsylvania.  At December 31, 2010, Norwood Financial Corp. had total assets of $537.0 million, loans receivable of $356.9 million, total deposits of $393.9 million and stockholders equity of $67.7 million.  Norwood Financial's stock is traded on the Nasdaq Global Market, under the symbol, 'NWFL'.

SOURCE North Penn Bancorp, Inc.

http://www.banknews.com/News-List.676.0.html?newsID=40176417&topic=REGNEBNK

Become money smart this fiscal

: Did you fail to follow all those resolutions taken on 1st January, at the beginning of new year, to improve your financial life? Don’t worry here is another chance to once again make some fresh resolutions and make some amends. This week marks start of another New Year — a New Financial Year. Lets discuss what are the top 4 priorities you MUST have among others to put your finances in order.Tax PlanningMake sure to file your tax returns by 31st March, if you haven’t filed already. Go to http://www.incometaxindiaefiling.gov.in/ for filing your returns online or contact a tax preparer nearby. For the coming year, starting April 1st, make sure you do your tax planning in advance. * Use all tax deductions possible to bring your tax liability down * Declare your HRA, home loan principal and interest contribution, and tax saving investment related details to your employer at the start of the year itself * Keep all HRA receipts received from your landlord, keep at least 6 months of salary slips and keep a record of previous tax returns * If you plan to invest in ELSS from mutual funds, start a SIP rather than wait till the end of FY to make lump sum investments. It will average out the risk and reduce financial burden at the end of the year. Investment PlanningDiscuss your long term and short term financial goals with your family and make sure you write them down. Taking inflation in to account will make your future requirement a more realistic figure. For eg, if the current cost of your son’s education is Rs 10 lakh, then assuming an inflation of 7 per cent, the requirement after 10 years would be over Rs 20 lakh. Look at equity for long term goals and debt for short term (1 to 2 years). If you do not have the expertise or inclination to invest directly in to stocks, you can look at equity diversified mutual funds. CEO, Value Research, Dhirendra Kumar believes, “mutual funds are a good vehicle for equity investments as you have a dedicated fund manager to manage your investment and even with small amounts of money you can invest in several companies through the fund of your choice.” Make a portfolio of 4-5 equity diversified mutual funds with proven track record and consistent performance and review the portfolio from time to time. Equity, as an asset class has given best returns over the longer period. However, discipline to contnue investing and patience for long term is a must for an equity investor. For debt investment you can look at fixed maturity plans or liquid funds offered by various fund houses. Though the returns are not guaranteed, the post tax returns on debt funds makes them an attractive option as compared with Fixed Deposits. Along with equity and debt you must have 15 to 20 per cent of your portfolio in gold. You may look at gold exchange traded funds than buying physical gold, for investment purposes. However, you need a demat account for buying a gold exchange traded fund. Insurance PlanningIf you haven’t already bought a life insurance policy, buy one immediately as you would not want your family to suffer, should something happens to you. You may buy life insurance online as that would be 20 to 30 per cent cheaper than bought through an agent. However, avoid looking at any kind of returns from your insurance premiums. Suresh Sadagopan, a Mumbai based Certified Financial Planner suggests, “avoid mixing insurance with investment and buy a term insurance policy which is cheapest form of life insurance available.” Along with covering your life, a health insurance policy is equally important. This will take care of your hospitalisation expenses, which are becoming expensive day by day. Remember, insurance is a necessary cost to reduce your risk. Don’t forget to claim tax deductions both on life and health insurance policies. Along with these two, you must look at insuring your household through a household insurance policy. While buying the policy declare value of each product being insured and keep the purchase receipts of each item. Household policy will come handy in case of burglary or fire, not uncommon these days. Get financial life in orderThis is a good time to get your financial life sorted. * First and foremost start making a written monthly budget and follow it strictly. * Build a good credit history by making all loan/credit card payments on time. * Maintain a file of all provident fund, mutual funds, and insurance policy related documents. Follow the steps above and become money smart. Do not break the resolutions this time and make your financial life free from all mailto:worries.ritukant.ojha@expressindia.comKEY TAKEAWAYS* File tax return by 31st March * Keep record of all tax saving instruments like PF, ELSS etc * Make sure to be adequately insured. Buy health and life cover immediately * Identify financial goals and start investing towards them

Buy IndusInd Bank With Target Of Rs 270

Technical Analyst Anu Jain has maintained 'buy' rating on IndusInd Bank Limited stock with a target of Rs 270. Mr. Jain said that the stock can be purchased on dips with a stop loss of Rs 247.50. The stock of the bank, on March 23, closed at Rs 253.95 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 309.30 and a low of Rs 165.40 on BSE. Current EPS & P/E ratio stood at 10.83 and 23.74 respectively. IndusInd Bank is eyeing to get hold of Deutsche Bank's credit card biz in India and hopes to settle the transaction by the coming weeks. IndusInd Bank, together with Axis Bank, Dhanlaxmi Bank and Karnataka Bank expressed interest in acquirement of Deutsche Bank's credit card biz. As a precursor to its foray in credit card biz, the banking institution has nominated Mr. Anil Ramachandran as the chief of its cards biz during November 2010. Mr. Anil has already begun establishing the credit cards biz of the banking institution. Indusind Bank has recorded an increase of 74.76% in its net profit for the three month period ended December 2010. The bank's net profit during the period remained at Rs 1.54 billion as compared to Rs 880.40 million during the same period last year. source:http://www.topnews.in/buy-indusind-bank-target-rs-270-2319160

Nokia Ties With Union Bank Of India, Launch Mobile Payments Services

Nokia has come up with a partnership with Union Bank of India and have launched mobile payment services. It is mainly targeting all those people who don't have proper banking facilities. With this service, consumers can easily take out cash at ATMs (automated teller machines), transfer money at selected retail stores as well as to transfer to other people. Nokia even said that their customers can pay utility bills and recharge pre-paid mobile connections through this facility. Through this "Union Bank Money powered by Nokia" service, many millions of Indian people are given the banking service facility by Union Bank and Nokia. Nokia will also be targeting about 10 million Indian people spread over 32,000 villages by 2013 to use this mobile banking facility. First, it will be rolled out in suburbs of Delhi, mainly Gurgaon, and then all across India in the coming few months. Interestingly, all those who don’t even have a Nokia phone can also transfer money, as the company have done it so. The service from Nokia and Union Bank is based on the Obopay mobile payment platform. The service comes as independent of the mobile operators. Customers can create an account at a correspondent outlet, and then install the banking application on their phone. Thereafter, through SMS or Short Message Service facility, users will be able to receive money or transfer funds. However, the respective mobile number will be used as the unique identifier by the bank. And also each customer will be charged a certain transaction fee. SOPURCE:http://www.india-server.com/news/nokia-ties-with-union-bank-of-india-39217.html

'Indian credit card boom to beat China'

Boston: MasterCard\'s India-born President and CEO Ajay Banga today said India is a "more exciting" market than China for the credit cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system."India still uses a lot of cash in its economy. All I am interested in is converting utilisation for retail payments from cash to alternative forms," Banga said. Speaking on the sidelines of the \'India Conference\' organised by the Harvard Business School (HBS) and Harvard Kennedy School, the IIM Ahmedabad alumnus said India is undertaking various steps to help drive "electronification" – from the unique identification number scheme to mobile payments. Sheer availability and acceptance of cards will help drive growth of the electronic payment system in India and "I am keen to do that," he said. Banga, who was named MasterCard CEO last year, added that cash is expensive for an economy to print, distribute and secure, costing between 0.6 to 1.5 per cent of the country\'s GDP. The presence of cash in an economy also facilitates income tax evasion as well as illegal cross border activity. "Electronic payment would not facilitate that," he said, adding that the market in India is ready for a boom in use of electronic payment systems. Earlier, when asked by HBS Dean Nitin Nohria to choose between India and China in terms of which is the "more exciting market for MasterCard", Banga replied "India." He said the world over, the "tonality" regarding India has changed completely. This is a testament to the country\'s "unbelievable economic growth," he said, adding that hopefully, India\'s GDP growth rate will surpass that of China\'s in a few years. Speaking to Harvard students, Banga said the most interesting part of India\'s growth story is that the economic development has continued irrespective of which political party is in power. Lauding India\'s entrepreneurial energy, Banga said India has the opportunity to have balanced domestic and external growth as well as "diversified growth" in areas like services, agriculture and industry. He pointed out that while in the short and medium term, the services sector will create more jobs, India has to build its manufacturing capabilities for sustained economic development. "Eventually India has to go past the services sector into developing manufacturing. There is need for the manufacturing sector to drive subsequent growth," which would require a series of reforms on capital formation, land acquisition and more infrastructure development in non-urban areas. India has to strike a balance between "knowledge intensity and labour intensity" to ensure sustained growth, he said. "We should not go only for labour intensity, we need to use knowledge intensity for our benefit to make our economy an innovation driven one," he said. While pointing out that India has the advantage of a "demographic dividend", Banga said sheer size of a young population will alone not result in growth for the country going forward. He said efforts have to be made to improve the quality of life for Indian citizens, an issue which is a matter of concern and poses real challenges to the India growth story. He said issues like healthcare, education, infant mortality rate are "challenges and need urgent addressing". He called on the Indian private sector to partner with NGOs to help improve the quality of life in India. "Private sector needs to be willing to give a great deal more into charitable causes," he said, adding that while some people have begun giving more to charity, "there is still lots to be done." On the issue of various corruption scandals that have hit India, Banga said institutional corruption is a "very serious issue" and added that change can be brought about even by a single person. He said people in India see the corruption scandals as a "blot on our face" and are reacting strongly against them. "This sense of self respect can bring about changes," Banga added.

Indian Budget 2011-12- Full Text of Budget Speech

We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal consolidation and high economic growth. 2. Our growth in 2010-11 has been swift and broad-based. The economy is back to its pre-crisis growth trajectory. While agriculture has shown a rebound, industry is regaining its earlier momentum. Services sector continues its near double digit run. Fiscal consolidation has been impressive. This year has also seen significant progress in those critical institutional reforms that would set the pace for double-digit growth in the near future. 3. While we succeeded in making good progress in addressing many areas of our concern, we could have done better in some others. The total food inflation declined from 20.2 per cent in February 2010 to less than half at 9.3 per cent in January 2011, but it still remains a concern. In the medium term perspective, our three priorities of sustaining a high growth trajectory; making development more inclusive; and improving our institutions, public delivery and governance practices, remain relevant. These would continue to engage the Indian policy-planners for some time. However, there are some manifestations of these challenges that need urgent attention in the short term. 4. Though we have regained the pre-crisis growth momentum, there is a need to effect adjustments in the composition of growth on demand and supply side. We have to ensure that along with private consumption, the revival in private investment is sustained and matches pre-crisis growth rates at the earliest. This requires a stronger fiscal consolidation to enlarge the resource space for private enterprise and addressing some policy constraints. We also have to improve the supply response of agriculture to the expanding domestic demand. Determined measures on both these issues will help address the structural concerns on inflation management. It will also ensure a more stable macroeconomic environment for continued high growth. 5. The UPA Government has significantly scaled up the flow of resources to rural areas to give a more inclusive thrust to the development process. The impact is visible in the new dynamism of our rural economy. It has helped India navigate itself rapidly out of the quagmire of global economic slowdown. Yet, there is much that still needs to be done, especially in rural India. We have to reconcile legitimate environmental concerns with necessary developmental needs. Above all, there is the 'challenge of growing aspiration' of a young India. 6. To address these concerns, I do not foresee resources being a major constraint, at least not in the medium-term. However, the implementation gaps, leakages from public programmes and the quality of our outcomes are a serious challenge. 7. Certain events in the past few months may have created an impression of drift in governance and a gap in public accountability. Even as the Government is engaged in addressing specific concerns emanating from some of these events in the larger public interest and in upholding the rule of law, such an impression is misplaced. We have to seize in these developments, the opportunity to improve our regulatory standards and administrative practices. Corruption is a problem that we have to fight collectively. 8. In a complex and rapidly evolving economy, the Government can not profess to be the sole repository of all knowledge. Indeed, in a democratic polity, it stands to benefit from inputs from colleagues on both sides of the House. They must lend their voice and expertise to influence public policy in the wider national interest. In some areas, good results depend on coordinated efforts of the Centre and the State Governments and in some others, on favourable external developments. 9. I see the Budget for 2011-12 as a transition towards a more transparent and result oriented economic management system in India. We are taking major steps in simplifying and placing the administrative procedures concerning taxation, trade and tariffs and social transfers on electronic interface, free of discretion and bureaucratic delays. This will set the tone for a newer, vibrant and more efficient economy. 10. At times the biggest reforms are not the ones that make headline, but the ones concerned with the details of governance, which affect the everyday life of aam aadmi. In preparing this year's Budget, I have been deeply conscious of this fact. I am grateful for the able guidance of the Hon’ble Prime Minister and the strong support lent by UPA Chairperson Smt. Sonia Gandhi in my endeavour. I would now begin with a brief overview of the economy.