HSBC MF Revises Exit Load Structure For Debt Schemes

HSBC Mutual Fund revises the exit load structure for Debt Schemes i.e. HSBC MIP, HSBC Income Fund-Investment Plan as well as HSBC Income Fund-Short Term Plan, HSBC Floating Rate Fund-Long Term Plan, HSBC Flexi Debt Fund. The change will be effective from 20 August 2009. The revised exit load structure (including HSBC SIP/HSBC STP):

HSBC MIP - Regular & Savings Plan:

Accordingly, an exit load of 1% will be charged if units are redeemed / switched out within 1 year from date of investment .

HSBC Income Fund - Investment Plan (Regular & Institutional Option):

The exit load of 0.5% will be charged, if redeemed / switched out within 6 months from the date of investment.

HDFC plans to mop up $820 mn via bonds

Housing Development Finance Corp (HDFC) plans to mobilize Rs 40 billion through two- and three-year bonds along with issuing 10.95 million warrants convertible into shares within three years where the dilution on conversion of all warrants would be 3.5% and the proceeds would be used to strengthen its long-term resources. However, it is said that Rs 20 billion in two-year bonds will be sold with a coupon of 7.15% whereas another Rs 20 billion in three-year paper yielding 7.85%. Moreover, Citigroup, Goldman Sachs, Axis Bank, HSBS, JM Financial, Kotak Mahindra Capital Co and Nomura are the arrangers.

Death claims payout rises 21% in Q1

Indian life insurance industry paid 20.74 per cent high death benefit to its policy-holders at Rs 1,717-crore during the first quarter of the current fiscal, according to the Life Insurance Council.

During April-June 2009 quarter, the Indian life insurance industry paid Rs 1,717-crore as death claims to its policy-holders compared to Rs 1,422-crore during the same period last year," Life Insurance Council said in its recently released data.

The private sector life insurance companies have paid 57.35 per cent higher death claims during the first quarter at Rs 321-crore as against Rs 204-crore during the same quarter last year.

"The economic downturn has in no way impacted the Indian life insurance industry, with respect to the payment of death benefit. In fact, it is significant to note that the death benefit on the contrary, has increased," Life Insurance Council Secretary General S B Mathur said.

PNB to issue 200,000 global credit cards by March 2010

Punjab National Bank (PNB) is planning to issue 200,000 global credit cards by March 2010. The bank aims to widen its credit card base across value as well as high end customers,

"We are targeting to issue two lakh global credit cards to our customers by end of the current fiscal," PNB Chief General Manager (Credit Card Venture) Ranjan Dhawan said.

Very soon the bank would also initiate its new cards- Corporate and Platinum credit cards. "Corporate Cards will be meant for senior executives of companies who often travel for business purposes. In this category, there will be two cards such as Individual liability and corporate liability," he informed.

Another second Platinum card will come with enhanced benefits for high-end customers (income having between Rs 7 to 10 lakh per annum). "This card will meet the requirements of customers like premium gold membership, lounge expenses etc," he said.

India invests in US debts worth $38.8 bn till May ''09

Till May this year, India has invested in US debt securities worth USD 38.8 billion, which signify four-fold rise when compared to the same month in 2008.

India has been gradually increasing its exposure to American debt since May last year, when the holdings were worth just USD 10.3 billion. However, US continued to reel under one of the worst recession in 80 years.

According to data available with the US Treasury Department, India bought American debt worth USD 38.8 billion till May 2009. India has purchased more American debt since October 2008, when the financial turmoil turned for the worse with the failure of then Wall Street major Lehman Brothers.

India''s exposure has spurted over two-fold till May this year, as compared to just USD 18.3 billion in October last year. India''s holding stood at USD 38.5 billion till April this year.