IIFCLTax Free Bond FY 13-14 - 25th Oct 2013 at 5 pm

IIFCLTax Free Bond FY 13-14 - Subscription Figures with Green Shoe Option
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	375.00	0.05	20.00	355.00
2	Category II (Corporate)	500.00	0.39	196.06	303.94
3	Category III (HNI)	625.00	0.55	341.06	283.94
4	Category IV (Retail)	1,000.00	0.49	494.21	505.79
	Total	2,500.00	0.42	1,051.33	1,448.67
			Updated as on 25th Oct 2013 at 5 pm

PFC Tax Free Bond FY 13-14 - Subscription 25th Oct 2013 at 5 pm

PFC Tax Free Bond FY 13-14 - Subscription Figures with Green Shoe Option
Sr. No	Category	Issue Size (Rs. In Crs)	No of times subscribed	Total Amt Bided (Rs. In Crs)	Unsubscribed Amt (Rs. In Crs)
1	Category I (QIB)	581.38	0.78	455.00	126.38
2	Category II (Corporate)	775.18	1.60	1,241.07	(465.89)
3	Category III (HNI)	968.97	1.06	1,026.31	(57.34)
4	Category IV (Retail)	1,550.36	0.77	1,188.06	362.30
	Total	3,875.89	1.01	3,910.45	(34.56)
			Updated as on 25th Oct 2013 at 5 pm

Morgan Stanley -What Does A Cross-Current :: PDF link

http://www.docstoc.com/docs/162669743/Morgan-Stanley--What-Does-A-Cross-Current

‘The next leg of growth will be more balanced’: Chairman & Managing Director, Muthoot Pappachan Group: Business Line

We may see one more quarter of asset quality pain. The loans which were given at a higher loan-to-value are going out of the system.

With the Reserve Bank of India accepting almost all the recommendations of the K. U. B. Rao committee, gold loan companies have to be content with lower growth and profitability. We spoke to Thomas John Muthoot, Chairman & Managing Director, Muthoot Pappachan Group, to understand the impact of these regulations and the way forward for all established players in this space.

Excerpts from the interview:

IN THE LAST ONE YEAR OR SO, THERE HAS BEEN A FLURRY OF REGULATIONS. WHAT BRINGS IN SO MANY RESTRICTIONS?

The unprecedented growth for gold loan companies in the past few years has caught the eye of the regulator. There has been a significant shift from the unorganised sector (pawn brokers) to the organised sector and this has led to high growth of 50-60 per cent for most players.

Also, the branch expansion of the players has helped. As funding from banks and markets were available easily, NBFCs continued to lend to customers.

The RBI has capped the loan-to-value for gold loans at 60 per cent and standardised the valuation of the collateral. How has this impacted you?

Let us look at how this industry has evolved in the last five years. The market saw a sudden gush of new players aggressively trying to compete with each other. Rather than competing on interest rates, gold loan companies began competing on the loan-to-value (LTV). Due to competitive pressures, we raised our LTV from 60-65 per cent to 65-75 per cent.

Since March 2012, after the RBI notification, we have reduced our LTV to 60 per cent. We still needed to compete with banks that were offering higher LTV of 70-75 per cent.

Now, with the latest guidelines, we are not clear on the LTV calculations, though we understand we need to value the gold jewellery at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by The Bombay Bullion Association. We have sought for clarifications from the regulators on this.

This has certainly impacted growth. We may not see the high growth of 40-50 per cent as in the boom times. But, still, we welcome the RBI’s move. This will now create a level-playing field across players. Banks have also de-risked their business and now offer lower LTV, since the steep price correction in the months of April and May.

So, now, the next leg of growth will be more balanced at, say, 20-25 per cent. However, this year (2013-14) our growth will be marginal.

Morgan Stanley -Examining the geographical exposure :: PDF link

http://www.docstoc.com/docs/162669720/Morgan-Stanley--Examining-the-geographical-exposure

Combining insurance and investment is tricky: CEO and co-founder of PolicyBazaar.com: Business Line

Those looking for international diversification should opt for investment options which have high liquidity.

“My best investment so far has been in agriculture land,” says Yashish Dahiya, CEO and co-founder of PolicyBazaar.com, an online insurance aggregator.

Before turning entrepreneur, Dahiya worked with First Europa, a global online insurance broker, as CEO. He has also worked with an online travel aggregator ebors.com as Managing Director. Excerpts from an interview:

How much do you regularly set aside for investments?

Ideally, a person should be investing close to 30 per cent of his salary. My case is an exception as my family is abroad and I end up paying high education and tuition fees. I still try and invest as much as I can and keep only about 15 per cent of my pay cheque for personal expenses.

How has your allocation to different asset classes changed over the years?

During the initial stages of my career, the focus was cost reduction through home ownership. After that, it shifted to creating a second source of income which also serves as a means for earnings after retirement — rental properties. Finally came the low liquidity, high growth, low risk opportunities like agricultural land or commercial properties.

When customer care fails:: Business Line

When customer care doesn’t help, reach out to the banking ombudsman or the public grievance cell of the Telecom Department.

One of our readers, Ravi Varma (name changed on request), was recently the victim of a credit card fraud. After formally lodging a complaint with his bank, Varma made a call to the bank’s helpline a few days later to inquire about the status of his complaint.

After navigating through the IVRS and connecting to an agent, he was asked to provide the details of his latest transaction. When he did so,he was informed it was not correct.

Despite Varma’s protests, he was unable to convince the agent that he was right, as the cheque payment he had last made duly reflected in his bank passbook.

During the course of the 20-minute call, Varma was put on hold multiple times. When he expressed his disappointment at the treatment, his call was unceremoniously cut. Not only was he entangled in a new issue now – that of his last transaction not matching the bank’s records – but his earlier grievance remained unsolved.

Deepika Pallikal, an Arjuna awardee, also recounts a sour experience. Pallikal’s Axis Bank debit card had declined a transaction during one of her overseas trips in 2011, causing her immense embarrassment. Adding insult to injury, when she complained about the issue, she was told by the bank that she lacked the “mental toughness to be a world champion” and was unprofessional.

Later that year, a cheque issued by the Union Sports Ministry to Pallikal was rejected by the bank as “not being drawn on us”. It took a series of emails before the bank acknowledged an error on its part. Pallikal is now suing the bank for Rs 10 lakh.

While not seeking legal compensation, Varma is approaching thebanking ombudsman to highlight the problems he has been facing over a genuine dispute.

OF LITTLE HELP

Dealing with customer care, be it hitches with your mobile phone, bank account or credit card, can be a frustrating experience. Many times, multiple calls and heated exchanges with call centre executives sap your energy, but the problem remains unsolved.

Almost every company nowadays has an interactive voice response system to greet customers when they call up. Navigating through the multiple choices presented by the IVRS is a time consuming process and there is a chance that if you accidentally press the wrong number on your phone or misunderstand the option, you will have to call back and start afresh.

Rather than continuing to butt heads in situations where you find the customer service executives unable to address your concerns don’t hesitate to take up the matter with higher authorities.