Magma Fincorp has received IRDA (Insurance Regulatory and Development Authority) approval to enter general insurance joint venture business.
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In 2009, Magma Fincorp had signed a joint venture with German insurer HDI-Gerling International Holding, an arm of the Talanx group. The two companies had floated a 74:26 joint venture company called Magma HDI General Insurance to start general insurance business in India.
Magma Fincorp reported a 94% rise in net profit to Rs. 330 million for the quarter ended June 30, 2012, compared with Rs. 170 million in the same period last year. Income from operations grew by 53% to Rs. 3.25 billion. And disbursements grew by 45% to Rs. 20.57 billion.
IRDA seeks feedback to create financially aware & empowered India
The National Strategy aims at undertaking a massive financial education campaign to help people manage money more effectively
The Insurance Regulatory and Development Authority (IRDA) has released the draft on National Strategy for Financial Education on its website for comments and feedback. Comments can be emailed to ypriyab@irda.gov.in or kgplramadevi@irda.gov.in by August 15, 2012.
The National Strategy recognises that financial literacy and financial education play a vital role in financial inclusion and inclusive growth. It envisages ways towards creating awareness and educating consumers on access to financial services, availability of various types of products and their features; changing attitudes to translate knowledge into responsible financial behaviour; and making consumers of financial services understand their rights and obligations.
The National Strategy seeks to create a financially aware and empowered India. It aims at undertaking a massive financial education campaign to help people manage money more effectively. It also aims to help people achieve financial well being by accessing appropriate financial products through regulated entities.
The draft National Strategy has been prepared by the Sub Committee of the Financial Stability and Development Council (FSDC) and is being simultaneously released for comments by all financial sector regulators.
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