Retirement: EPFO Asks Field Offices To Settle All Claims within 20 Days
Retirement fund organisation, EPFO (Employees’ Provident Fund Organisation) has asked over 120 field offices to settle claims, including PF withdrawal and pension, within 20 days against the mandated 30-day timeframe. Central provident fund commissioner, KK Jalan, noted that there are complaints that claims received by EPFO offices are not entered in the system immediately and no acknowledgement is issued to the claimant. The deficient claims are being returned without even being entered into the system.
 
Mr Jalan stated that the return or rejection of claims and reasons thereof should be watched and the establishment should be counselled and advised to submit duly complete claims. Offices that settle all claims within 10 days will be graded as excellent. 

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Life Insurance: Life Insurance Policies in Demat Form
The Insurance Regulatory and Development Authority (IRDA) is considering making issuance of life insurance  policies in dematerialised form mandatory from later this year. It will make it mandatory for life insurance companies to link their systems to insurance repositories and provide policyholders with an option to hold the policies in electronic form. Last year, IRDA had licensed five companies to provide insurance repository services. These were NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance Repository.

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Consumer Issues: RBI Code to Control Mis-selling

The Reserve Bank of India (RBI) is formulating strict guidelines to discourage bankers from mis-selling products and to hold them accountable for all the products they offer. “From the principle of ‘caveat emptor’, (Latin for ‘buyer beware’), we have to move to the principle ‘caveat venditor’ (‘seller beware’) and are going to formulate the code for it,” said Deepali Pant Joshi, RBI’s executive director, while addressing the annual conference of the Banking Codes & Standards Board of India (BCSBI). The recent Nachiket Mor panel report on “Comprehensive financial services for small businesses and low-income households” had held the caveat emptor principle responsible for fundamental flaws in the customer protection architecture and for creating large losses for customers.

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