A total number of 662 unbanked villages were allotted to SBI to be covered with March 31 next year and already 496 villages were covered
State Bank of India has launched mobile banking facility for providing services to villagers at their door-steps.
SBI managing director A Krishna Kumar handed over the “Bank on Wheels” vehicle to Meghalaya Rural Development Society at the SBI Shillong Branch premises.
Kumar said the vehicle would cover unbanked areas and create financial literacy and awareness of banking habit among the rural masses.
"A total number of 662 unbanked villages were allotted to SBI to be covered with March 31 next year and already 496 villages were covered," Kumar said.
He said opening of bank accounts would be very simple for villagers in the state and they would only need to produce a certificate from the headman along with photographs.
India’s economic confidence grew by 6 points to 75% in October compared to the previous month
Indians have emerged as the second most confident people about their economy, across the world, on account of higher consumption and increased foreign investment, according to a report by research firm Ipsos.
The report said that India’s economic confidence grew by 6 points to 75% in October compared to the previous month, becoming the second most economically confident country after Saudi Arabia.
“The Indian economy has been well insulated from global economic conditions as it has been fuelled by domestic consumption and the increased FDI into the country. Our economy has remained steady at a robust 8.1% and this positive consumer sentiment is seen reflected in our survey,” said the Ipsos India managing director, Mick Gordon.
In terms of gains, two countries—India and South Africa—gained maximum economic confidence by five points and six points, respectively.
Individually, Saudi Arabia experienced a six-point drop to 83% but continued to hold its pole position, followed by India (75%), Sweden (69%), Canada (66%) and China (65%).
The countries at the bottom of the heap were—Hungary which lost two points and was at 2%, Spain gained 2 points but was low at 5%, Japan further lost two points to stood at 6%.
LIC has been reprimanded for delay in settlement of death and maturity claims. Of course, the delays are very few considering the number of claims settled by the state-owned insurer
The Insurance Regulatory and Development Authority (IRDA) conducted an inspection of records of Life Insurance Corporation of India (LIC) based on a complaint of partial claims settlement of a death claim. It found that LIC had taken more than six months to repudiate the group insurance death claims in respect of 24 cases and complete the investigations in respect of 263 individual claim claims during the year 2009-10. It was also noticed that 1,424 maturity claims were settled beyond six months during the same period.
LIC processes approximately 7,00,000 death claims and more than 175,00,000 maturity claims in a year. In the order, IRDA has taken a cognizance of the large volumes being handled and comparatively better track record of LIC in claim settlement, but adds that there is still scope for the insurer to improve the claim settlement performance and adhere to the provisions of the above referred regulations.
Only 32 early claim investigations were pending beyond six months in 2009-10. A senior LIC official told Moneylife, “In some early claims, the client may not cooperate in investigation, there can be delays from doctors/hospitals or police; some issues keep the case pending. In these rare situations of delay, LIC does pay interest for the delay. LIC has policyholders in deep rural area where getting documentation is not easy. There are cases where the widow has gone to her parents’ home and in-laws are not interested in widow getting the money and we don’t have contact information of her parents’ home.
The rules of the game are different totally different when compared to metros. There are also cases of fraudulent claims where the policyholder may not have even died and hence there is need for proper investigation.”
LIC has initiated measures in rural areas to educate the claimants for timely submission of documents while lodging the claim and claim investigation is one of the priorities of its personnel. LIC exercises abundant precaution to ensure that the claim amount goes only to genuine and legitimate claimants.
When asked about the payment delay for minuscule number of maturity claims, a senior LIC official said, “Considering over 175,00,000 maturity claims in a year, delay for a thousand claims are too low. In some cases, the policyholder has not paid all the premiums and we have not heard from him for 15-20 years. Lack of correct contact information can also lead to delay in payment.”
IRDA needs to probe blatant rejection of health insurance claims on technical reasons for delay in hospitalisation intimation and claims filing. It will be more meaningful and hapless mediclaim customers will stand benefit.
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