LOAN SYNDICATION & FINANCIAL SERVICE FOR FUND BASED CREDIT FACILITY IN THE FORM OF CASH CREDIT

Jun 21st, 2015
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The syndication of loans is an internationally practiced model for financing credit requirements. The banks are free to adopt syndication route, irrespective of the quantum of credit involved, if the arrangement suits the borrower and the financing banks.

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1. INTRODUCTION OF LIFE INSURANCE HISTORY OF LIFE INSURANCE IN INDIA:The life insurance industry in India dates back to 1818, when the Oriental life insurance company set up office in Kolkata in 1823, the Bombay Life Assurance Company stated operations in Mumbai, India. The Indian Life Assurance Companies Act was passed in 1912 the Indian Assurance Companies Act 1928 followed this. These acts allowed the government to collect data regarding life and non life businesses conducted by both Indian and foreign insurance companies later the 1928 act was amended and a new act the Insurance Act was passed in 1938.By the mid 1950s, 154 Indian insurers, 16 foreign insurers and 75 provident societies were operating in the country. The life insurance business was concentrated in urban areas and was confined to the higher strata of society. In 1956, the management of these companies was taken over the government of India LIC was formed in September 1956 through the LIC Act 1956 with a capital of Rs 50 million. One of the main objectives of forming LIC was to make insurance cover available to a larger number of people particularly to the lower segments of society. In 1972, the government took over management control of 106 private general insurance companies and formed the General Insurance Corporation (GIC) over the years; LIC expanded its network all over the country and become one of the largest corporations in India. LIC had seven zonal offices 100 divisional offices, 2048

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