Banking: ICICI Bank Launches Digital Locker
The ICICI Bank launched a fully automated digital locker which would be available to customers even on weekends and after banking hours. Named ‘Smart Vault’, the locker is equipped with a multi-layer security system, including biometric and PIN authentication and debit cards, among others. Customers can access it without any intervention by the branch staff, ICICI Bank said in a statement.
 
“Through the Smart Vault, we bring a very different, much more convenient, state-of-the-art branch experience to the customers,” ICICI Bank MD and CEO Chanda Kochhar said after its launch. The ‘Smart Vault’ is an example of ‘Make in India’ programme as it has been designed and manufactured by Indian partners, she said.
 
“The vault uses robotic technology to access the lockers from the safe vault and enables customers to access their lockers at any time of their preference,” said the statement issued by ICICI Bank.

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Mediclaim: IRDAI Warning to Star Health
The Insurance Regulatory and Development Authority of India (IRDAI) has warned Star Health for bringing out an advertisement (that appeared in a financial daily), where it claimed to be number one in the health segment among private general and health insurers (FY14-15).
 
The regulator said that as per its rules, no insurer can make any claim in their ads of ranking based on their position in the insurance market using criteria like premium or number of policies. IRDAI said that Star Health has already expressed regret and has said that such a mistake will not recur in future.

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Consumer Redressal: Unitech Ordered To Refund Money with 18% Interest
NCDRC (National Consumer Disputes Redressal Commission) has ordered realty major Unitech to refund the principal amount paid by a home-buyer with 18% interest for failing to deliver a flat in Greater Noida. A Gurgaon resident, Swarn Talwar, had booked the flat in the company’s Unitech Habitat project in 2006 and had already paid 95% of the cost.
 
As per the agreement, if the buyer failed to pay the balance or there was a delay in paying instalments, he was liable to pay interest at 18% per annum compounded quarterly. If he failed to pay or delayed paying any instalment with interest within 90 days from the due date, the developer had the right to cancel the allotment and forfeit the entire amount of earnest/ registration money. But, if the builder failed to deliver flat in time, it was required to pay only the holding charges calculated at Rs5 per sq ft per month of the super built-up area.
 
In their order, Justices VK Jain and BC Gupta observed that the conditions in the buyer-seller agreement were ‘unfair’ and ‘unreasonable’ as these were more tilted towards the builder. Mr Talwar’s counsel said that the developer was directed to pay the compensation within six weeks. NCRDC recorded that while the builder charged compound interest at 18% for buyer’s default, it was to pay less than 3%pa of the capital investment for its failure to deliver on time.

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