Jeevandayee scheme offered by the Maharashtra government is a good health insurance option for families earning less than Rs1 lakh per year. The premium is paid by the state government for insurance cover up to Rs1.5 lakh. Find out the details of the scheme
The Maharashtra government has launched Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY) in order to improve medical access facility for both Below Poverty Line (BPL-Yellow ration card holders) and Above Poverty Line (APL-Orange card ration holders) families. RGJAY would be implemented throughout the state of Maharashtra in phased manner for a period of three years.
Launched in July 2012, RGJAY was introduced in eight of the state’s 35 districts on a pilot basis. Currently, the insurance coverage under the RGJAY is offered for the 49 lakhs eligible beneficiary families in eight districts: Gadchiroli, Amravati, Nanded, Sholapur, Dhule, Raigad, Mumbai and its suburbs. It aims to eventually reach eight crore people. The premium of Rs333 per family per year is borne by the state government.
Highlights of the scheme:
In the next article we will cover the progress and hurdles faced by the RGJAY scheme
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SEBI has had a poor track record in resolving and responding to complaints. It also does not have data pertaining to PoA abuses. The government has asked the market regulator to resolve complaints faster
Rajeev Chandrashekar, Member of Parliament, who had taken cognizance of one particular shocking story brought up by Moneylife, of a retired army veteran Wing Commander CR Mohanraj who nearly lost all his life savings decided to bring to notice issues of small investors in the parliament. Namo Narain Meena, minister of state for finance responded that as many as 28 lakh investor grievances were received by the market watchdog, Securities Exchange Board of India (SEBI). More shockingly, it was found out that SEBI does not have data about Power of Attorney (POA) abuses and hence has no data pertaining to the same.
The minister said, “SEBI has system of categorising the complaints received from investors against stock brokers on 26 parameters based on complaints generally received by it. Complaints of forged POA do not fall in any of these 26 parameters. Thus, SEBI does not have data about the number of incidents where investor's stocks were mishandled and/or allegedly liquidated by brokers, purely based on a forged POA.”
SEBI said it has no data pertaining to POA abuses which is quite common and easy to pull off. Often times, there have been incidents of stock brokers misusing the Power of Attorney (PoA) and getting forged signatures from clients, so that they can sell off customers’ accounts to meet their liquidity needs. Many hapless customers have sent complaints to SEBI only to be shafted.
This suggests that SEBI has a long way to go in terms of offering adequate investor protection. If at all some of the recent measures have been bereft of any logic and homework and have been partial towards institutions, where the once much-maligned entry load was a cheaper option for investors. More shockingly was the way SEBI treated small investor and army veteran Wing Commander CR Mohanraj, who was wiped out by Motilal Oswal which nearly drove him to suicide as he lost his life savings. Stories like these have put spotlight on regulation and protection of small investors in India.
We had done an in depth cover story—Needed: Financial literacy for regulators—on regulators a while back and why investor population has dwindled rapidly.
Whether SEBI has put an effective centralised complaint mechanism in place for speedy redressal of these complaints/grievance, the minister said that SEBI’s new online complaint redressal system, SCORES, has reduced the processing time of complaints. The minister said, “SEBI has informed that it commenced a new web-based centralised grievance redressal system called SCORES (SEBI Complaints Redress System) on 8 June 2011. Despite the new system put in last fiscal, the number of complaints at a staggering 28 lakh in one year speaks of not only how slow it has been in disposing off complaints but also the state of the retail investor in India.
Click here to read what we had to say about regulators, especially SCORES system.
According to the minister, the government has directed SEBI to take appropriate action in time on investor grievances and send its reply to the complainants. Whether it will do anything to fast-track or do anything at all is anyone’s guess.