IRDA asks Bajaj Allianz to adhere claim settlement norms

Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked it to ’scrupulously adhere’ to the norms.

“The competent authority has taken serious note of your company’s violation of regulations...of IRDA (PPI) Regulations, 2002 in the matter,” it said in response to a complaint filed by an individual with regard to delay in settlement of motor insurance claim.

The IRDA, however, did not impose any monetary penalty.

“While no further charges are pressed for the moment, you are specifically advised to scrupulously adhere to IRDA PPI Regulations 2002 in all matters regarding claims servicing,” it said in a communication to Tapan Kumar Singhel, CEO, Bajaj Allianz General Insurance Company.

The regulator has also directed Bajaj Allianz to put in place a system so that all claim/papers/documents are properly docketed.

IRDA guidelines require that general insurance claims should be settled in 30 days of the filing of claims by the insured person.

Read more »

MasterCard Worldwide appoints Ari Sarker as India Country Head

MasterCard Worldwide on Tuesday said Ari Sarker has been appointed as its India Country Head.

“Ari Sarker has been appointed as Country Head, India to bolster the India leadership team as well as division president, South Asia,” MasterCard Worldwide said in a statement.

Sarkar will provide leadership to the South Asia team to drive core business growth, executing on the nascent but fast rising emerging payments opportunities in the subcontinent.

Sarker succeeds TV Seshadri who is moving from India to Singapore as Group Executive, Global Products and Solutions for APMEA,

Sarker, joined MasterCard in December 2010 and has been responsible for the growth of network processing under Global Products and Solutions (GP&S) for APMEA and across the payment value chain.

In his last role prior to MasterCard, he led the GE Private Equity business in India.

Prior to joining MasterCard, Sarker spent over 12 years with GE in a variety of senior roles in accounting, audit, corporate finance, and private equity across several key markets in the Americas, Europe and Asia Pacific.

Read more »

SBI not merging its associate banks this fiscal

State Bank of India is not looking to consolidate any of its associates with itself during the current fiscal, Chairman Pratip Chaudhuri has said.

“We could look at consolidation next financial year. Nothing this quarter,” he said. SBI has already merged State Bank of Saurashtra and State Bank of Indore with itself during the recent years.

Read more »

Federal Bank makes top-level changes

Private sector lender Federal Bank has announced two changes in its senior management by appointing Suresh Kumar as Non-Executive Chairman and K.M. Chandrasekhar as an Additional Director.

Suresh Kumar, who has been on the board of the Kochi-based bank since November 2005, will stay as the Non-Executive Chairman for two years.

Besides, he is the Non-Executive Chairman of the bank’s associate concern, Fedbank Financial Services Ltd, and Director in IDBI Federal Life Insurance Co. Ltd.

On the other hand, Chandrasekhar’s term will be for three years. He has been Vice-Chairman of Kerala Planning Board and former Union Cabinet Secretary.

Read more »

Allahabad Bank to shore up priority sector lending

Allahabad Bank has signed a Memorandum of Understanding with the Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) to shore up its priority sector lending.

CIMSME represents the interests of companies in MSME sector, with banks, financial institutions, concerned ministries and other organisations.

As per the terms of agreement, CIMSME would mobilise proposals from its members for consideration of the bank. Once the loan is sanctioned, the organisation would support the bank in follow-up and recovery of dues and provide early warning signals, if any, said a press statement issued by the bank.

The MoU will help accelerate the process of disposal of loan proposals under MSME and help the bank garner quality proposals and boost credit flow to the sector.

shobha.roy@thehindu.co.in

Read more »