Insurance Regulatory and Development Authority (IRDA) has asked SBI Life Insurance Company to refund Rs275.29 crore to policyholders as the amount was collected from them ‘in violation of norms’. The order was issued after an enquiry that revealed SBI Life Insurance was charging the second-year premium along with the first-year premium on its Dhanaraksha Plus Limited Premium Paying Term (LPPT), a group insurance policy. It relates to polices issued during 2008-09, 2009-10 and 2010-11. IRDA’s order said the life insurer has ‘adopted business practices in violation’ of prescribed regulatory norms. “Thus it is concluded that these violations were detrimental to the interests of members of group insurance schemes of the concerned master policyholders,” it added.
The Reserve Bank of India (RBI) granted additional nine months for the public to exchange currency notes printed before 2005, of Rs500 and Rs1,000 denominations, and set a deadline of 1 January 2015, reports PTI.
It clarified that the public ‘can continue to freely use these notes’ for transactions and can unhesitatingly receive these notes in payment as all such notes remain legal tender.
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