Edelweiss keen on banking foray,awaits RBI norms

Mumbai-based financial services firm Edelweiss is eyeing a banking foray,according to investment bankers. It will be joining the growing list of corporates,including Anil Ambani-promoted Reliance group, Aditya Birla group, Shriram Capital and Religare, which have already made known their intentions to seek a banking licence. Most of the players are waiting for the Reserve Bank of India (RBI) to come out with a fresh set of guidelines that would allow new private players in the banking sector after which they are expected to approach RBI for a banking licence.(ET 27052010)

PNB ties up with OICL

Punjab National Bank has tied up with Oriental Insurance Company Limited to offer a floater Health Insurance Policy covering the proposer and family under one sum insured.The product was launched by the Circle Head,PNB,Ernakulam at Kochi.The scheme is applicable to all PNB customers and employees.Under this,the beneficiary and family members(comprising the spouse and two children)will be covered in one policy and one sum assured.The sum insured floats for all the beneficiaries under the policy.The policy covers beneficiaries between the ages of 3 months and 80 years. (BL 26052010)