- RBI panel for raising deposit insurance
- Airtel not to sponsor Champions League
- UBS India’s markets head Mahajan quits
RBI panel for raising deposit insurance
A Reserve Bank of India (RBI) panel on banking services to retail and small customers has recommended raising the deposit insurance cover five times from `1 lakh to `5 lakh.
The committee was formed under the chairmanship of former Securities and Exchange Board of India, or Sebi, chairman M. Damodaran in June 2010 to look into banking services rendered to retail and small customers, including pensioners.
Besides increasing the deposit insurance cover, the committee also recommended the creation of a toll free common bank call number for customer redresses and also asked banks to pro vide plain savings account without mini mum balance.
Airtel not to sponsor Champions League
Bharti Airtel Ltd, the largest telecom firm in India
The development was confirmed by a senior official from ESPN Software India Pvt. Ltd, the official broadcaster of the tournament. The official, who requested anonymity as he is not authorized to speak, said the sponsor had taken up the clause in the contract which allowed them to review sponsor ship after a two year period.
The sponsor had chosen not to participate owing to other financial commitments, he said.
UBS India
Ajay Mahajan, a managing director at UBS AG's Indian unit who headed financial markets and institu tional banking, has resigned, according to a person with knowledge of the matter. Mahajan, who joined Zurich based UBS in October 2008, will take a sabbat ical after leaving Switzerland's largest bank by the end of this week, said the person, who asked not to be identified because the matter is private.
(Source-: mintlive.com)