HDFC ERGO launches health claim services

The main objective behind the initiative is to facilitate faster and transparent claim settlement process

Private sector company HDFC ERGO General Insurance launched Health Claim Services (HCS), its in-house health claim servicing department, that will be a single window for customers for all health care related services.

“With this internal mechanism we are planning to establish better control on the overall claim settlement process and improve the turn around time (TAT) with seamless, hassle free and transparent services in health claim settlement,” HDFC ERGO general insurance head - strategic planning group Mukesh Kumar said in a release.

The main objective behind this initiative is to facilitate faster and transparent claim settlement process.

HCS will not only provide personalised claim settlement services but will also act as a guidance centre for all health care related queries.

Under this initiative, HDFC ERGO has partnered with NSPs (Network Service Providers) like pharmacies, diagnostic centres, ambulance and wellness centres to provide their customers best in class health services in addition to existing spread of over 3,000 empanelled hospitals.

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RBI cancels licence of Bhadran Cooperative Bank

“Consequent to the cancellation of its licence, Shri Bhadran Mercantile Cooperative Bank is prohibited from carrying on business of banking,” RBI said.

The Reserve Bank of India (RBI) has cancelled the licence of Gujarat-based Shri Bhadran Mercantile Cooperative Bank, following deterioration in its financial condition and save the interest of depositors.
 
The decision was taken in view of the fact that bank had ceased to be solvent, all efforts to revive it in close consultation with the government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, RBI said in a statement.

“Consequent to the cancellation of its licence, Shri Bhadran Mercantile Cooperative Bank is prohibited from carrying on business of banking,” it said.
 
It may be highlighted that on liquidation, it said, every depositor is entitled to repayment of his or her deposits up to a monetary ceiling of Rs1 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). RBI took the extreme measure of cancelling the licence of the bank in the interest of bank's depositors, it said.
 
RBI had issued banking licence to Shri Bhadran Mercantile Cooperative Bank in 1986. The central bank in its assessment found that the cooperative bank is not in a position to pay its present and future depositors. It also found that the affairs of the bank are being conducted in a manner detrimental to the interest of the depositors and the financial position of the bank leaves no scope for its revival.
 
The statutory inspection carried out by the RBI found the net loss of the bank as on 31 March 2010 at Rs2.63 crore and the gross NPAs was 81.3% of the total advances.
 
As the financial position of the bank with reference to its position as on 31 March 2011 turned precarious and revealed further deterioration, the bank was placed under suspension for a period of six months from the close of business on 26 August 2011, it said.
 
It was extended for a further period of six months from the close of business on 26 February 2012, subject to review, it added.

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RBI allows cooperative banks, RRBs to transfer funds online

All the banks can now transfer funds electronically through real time gross settlement system (RTGS) and national electronic funds transfer (NEFT)

To popularise electronic transfer of funds, the Reserve Bank of India (RBI) allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.
 
With this, all the banks can now transfer funds electronically through real time gross settlement system (RTGS) and national electronic funds transfer (NEFT).

At present, the centralised payment systems -- RTGS and NEFT can be accessed only by members that included public and private sector banks. As an exception, RRBs have been given access to the NEFT system through their sponsor banks. "On a review, it has been decided to expand the sub- membership route to enable all licensed banks to participate in NEFT and RTGS systems," RBI said in a notification.
 
NEFT, an electronic transfer of funds system meant for retail customers while RTGS system facilitates high-value transfer of money with threshold limit of Rs2 lakh. This would be an alternate mechanism to all licensed banks which have the technological capabilities but are not participating in centralised payment systems on account of either not meeting the access criteria or because of cost considerations, it said.
 
Eliciting condition for such transactions, the notification said, the sub-member would participate in the centralised payment systems through their sponsor bank which is a direct member of the centralised payment system.
 
In order to ensure compliance with the timely credit and return discipline which are of utmost importance in centralised payment systems, branches of sub-member that are not under core banking system shall be kept out of the centralised payment systems till such time they are brought under core banking, it said.
 
The sponsor banks would be responsible for sending or receiving the transactions or messages on behalf of their sub-member, it added.
 
The charges, it said, for customer transactions of sub-member cannot exceed the charges applicable to customers of sponsor banks or direct members of the centralised payment systems.

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