What are IRDA and insurers doing?
The new trend of fraudulent selling of policies that...
ICICI Bank has launched ‘ICICI Bank Carbon’ credit card in partnership with Visa. This card generates one time passcode for transactions by using an alphanumeric LCD screen, a 12-button touch keypad and an in-built battery. Using the keypad, user has to enter her 4-digit CodeSure PIN (obtained from ICICI Bank website) which then generates dynamic passcodes on the LCD screen. Its battery lasts for three years. ICICI Bank Carbon card is available for a one-time fee of Rs1,000.
RBI has directed all banks to adopt a simple procedure for hassle-free settlement of claims of deceased depositors. “We have been receiving feedback from public that banks are not following the simplified procedure as advised. Banks are therefore advised once again that they should strictly comply with the instructions for hassle-free settlement of claims on the death of a depositor,” RBI said in a statement.
Further, it asked banks to provide forms for settlement of claims to any person who approaches the bank for such forms, to settle claims on time. “Claim forms may also be put on the bank’s website prominently so that claimants of the deceased depositor can download the forms without having to visit the concerned bank,” RBI added further. The problem is that the RBI’s job ends with issuing such guidelines. It has no way of systematically checking whether its guidelines are being followed.