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Non-food credit, deposit growth falls
Both non-food credit and deposit growth slumped in the fortnight ended December 28, according to latest data from RBI. As on December 28, non-food credit grew by 14.88% year-on-year to R49,196,52 crore against RBI projection of 16% for 2012-13. Deposits grew at a slower rate of 11.05% on year to R64,772,46 crore for the said fortnight, far below the projection of 15%.
Zero-depreciation policy for 2-wheelers
Country's largest general insurer New India Assurance is actively considering to launch a 'zero depreciation policy' in the two-wheeler insurance segment after launching the same in the four-wheelers space, a top company official said. "The company is actively considering to come up with a zero depreciation policy for two-wheelers, which is already being offered for cars," the official told PTI here. Currently, the product is under the actuarial study to consider its viability, after which it will be filed for regulatory approval, he added. In a zero depreciation policy, a customer gets replacement of old parts with a new one in case of a need.
Prez okays financial reforms Bills
Three financial sectors reforms laws including, Prevention of Money Laundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012, have now become law of the land with President Pranab Mukherjee giving assent to them. The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 also got the President's assent, an official statement said here on Wednesday. The Prevention of Money Laundering (Amendment) Bill was approved by Parliament in Winter Session.