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Tuesday, September 5, 2017

Insurance Cover to Bank Staff

Following is the letter written by Retiree's Federation to Indian Bank Association
(Also read important news for bankers posted at the bottom)

ALL INDIA BANK RETIREES’ FEDERATION (Regd.)


Ref:2017/96                                                        Date: 03.09.2017


    


   The Chief Executive
    Indian Banks’ Association
   Mumbai
    


    Dear Sir,
                          RE: RENEWL OF GROUP INSURANCE POLICY FOR
                                 RETIREES FOR THE YEAR 2017-18

We have come to know that IBA has already finalised premium payable by banks for renewal of group insurance policy in respect of serving employees for the year 2017-2018. We find that premium for employees has been kept at the last year level except increase on account of new GST rates.


2. We request IBA to expedite finalisation of renewal premium for retiree also for next year. As per the provisions of the settlement entered for this scheme and the trend followed in last two years,  we hope renewal premium for retirees will be kept at the same level finalised for employees.


3. We wish to discuss the following issues in respect of group insurance policy for retirees to draw your attention for immediate action and solution:


  1. Independent verification/ audit of claim data released by TPAs/ Insurance Company. Complete claim data should be made available to retirees on demand.
  2. Abnormal delay in settlement of claims and release of claim amount by TPAs. This trend is on increase of late.
  3. Increase in list of network hospitals for the convenience ot those who live in small towns and include some reputed Ayurveda hospitals under cashless facility.
  4. Option for IBA scheme should continue to be applicable to the retirees of former associate banks after their merger with SBI


4. We request you to give us appointment for this purpose. In this connection we wish to draw your kind attention on our letter no 2017/94 DATED 01.09.2017 seeking appointment to discuss some pending issues of retirees.


                  With Regards,

                                                                          Yours Sincerely,


Government of India has asked every bank to freeze operation in the account of shell companies identified by Government of India . Following is the letter issued by Ministry of Finance on 5th of this month.

Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies
Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 companies have been struck off from the Register of Companies under Section 248 (5) of the Act. The existing Directors and Authorized Signatories of such struck off companies will now become ex Directors or ex Authorized Signatories. These individuals will therefore not be able to operate bank accounts of such companies till such companies are legally restored under Section 252 of the Companies Act by an order of the National Company Law Tribunal. The restoration, as and when it happens shall be reflected by change in the status of the company from ‘Struck off’ to ‘Active’.

Since such ‘Struck off`’ companies have ceased to exist, action has been initiated to restrict the operation of Bank accounts of such companies. The Department of Financial Services has, through the Indian Banks Association, advised all Banks that they should take immediate steps to put restrictions on bank accounts of such struck off companies. A list of such companies, Registrar of Companies wise, has been published on the website of the Ministry of Corporate Affairs.
In addition to such struck off companies, Banks have also been advised to go in for enhanced diligence while dealing with companies in general. A company even having an active status on the website of the Ministry of Corporate Affairs but defaulting in filing of its due Financial Statement (s) or Annual Return (s) of Particular of Charges on its assets on the secured loan should be seen with suspicion as, prima facie, the company is not complying with its mandatory statutory obligations to file this vital information for availability to its stakeholders.

RBI says HDFC Bank is ‘too big to fail’-Money Control

Reserve Bank of India (RBI) has included HDFC Bank in the list of 'too big to fail' lenders. With the inclusion of HDFC Bank in the list, there will now be three 'too big to fail' financial entities in the country.

HDFC Bank
State Bank of India 
ICICI Bank 
Now the question arises, what is called as "Too Big to Fall"
When a financial entity like a bank becomes systemically so important that their failure is expected to disrupt the financial/banking system and the economy as a whole then that entity is termed as ‘too big to fail’. In an event that such a bank fails the government steps in to save it.
The phrase has been used in the media on several occasions in the past. It was more discussed during and after the global financial crisis in 2007-2008 that saw banks with expansive portfolios collapse which affected economies around the world.
What does it mean for the banks 
Apart from protection from the RBI in the times of distress, these banks will be subjected to higher levels of supervision so as to prevent disruption of financial services in the event of any failure. These banks will have to maintain a core capital requirement in addition to a capital conservation buffer.
A job in an Indian public-sector bank is a slow and steady affair. Those who want a stable career opt for a job in public-sector bank where one sees none of the challenges, insecurities and big jumps of the private sector. But that is soon going to change. Public-sector bank jobs might become as hectic, performance-linked and even scarce. 
Read more at:

COORDINATION OF BANK PENSIONERS’ AND RETIREES ORGANISATIONS


Circular 015/2017                                                                          Dated 31.08.2017
Dear Comrades
Sub: United India Insurance Company Super Top-up Policy for Bank Retirees
We are pleased to advise our Bank Retiree Comrades that after detailed discussions the United India Insurance Company, who have  presently given the basic Mediclaim Insurance Policy to the Bank Pensioners and Retirees consequent to 10th Bipartite Settlement which was concluded in 2015,  have now offered a Super Top-up Policy over and above the Basic Mediclaim Policy.
The salient features of the offer from the United India Insurance Company are as under:

  1. The Basic Policy for Award staff and Supervisory staff is Rs. 300,000 and Rs. 400,000 respectively.
  2. The Super Top-up Policy for Award staff and Supervisory staff will be Rs. 400,000 and Rs. 500,000 respectively.
  3. The eligibility for domiciliary treatment shall be 10% of the Basic Policy only.
  4. There shall not be any domiciliary treatment reimbursement under the Super Top-up Policy.
  5. The Super Top-up Policy will be operative from 1st November, 2017 coinciding with the renewal of the present Mediclaim Policy.
  6. The Premium on the Basic policy and Super Top-up Policy is payable by the concerned Pensioner/Retiree/ Insurer.
  7. The Insurance Premium payable on the Super Top-up Policy is as under:

  1. For Rs. 400,000 Super Top-up Policy the premium shall be Rs. 2,975 plus GST.
  2. For Rs. 500,000 Super Top-up Policy the premium shall be Rs. 3,225 plus GST.

We are expecting a communication from the IBA very shortly.  However we have received communication from M/s K M Dastur Reinsurance Brokers Pvt. Ltd giving details of the offer of United India Insurance Company which we are reproducing hereunder.  They have also written to the Member Banks of IBA of their offer which has been forwarded to us by them.  We request our comrades to go through the contents carefully and decide about their option.


We have come across another kind of Super Top-up Policy offered by New India Assurance Company Ltd. retaining the Basic Policy of United India Insurance Company.  At the outset we do not want to get into any competition in regard to the offers of two Public Sector Insurance Companies.  We also do not want to make any comments about the efficiency or otherwise of the United India Insurance Company or the promised efficiency of service from the New India Assurance Company Ltd. as the scope for grievances is always there in any kind of arrangement.
As a responsible Organisation we will only strive to give higher coverage of Super Top-up Policy as offered by United India Insurance Company and especially when the premium for the Super Top-up Policy is almost the same as offered by New India Assurance Company Ltd. excepting that the Super Top-up Policy by United India Insurance Company is for the higher amount i.e.  Rs.400,000 and Rs. 500,000.
We are also of the opinion that it is better to have the Super Top-up policy form United India Insurance Company with whom we are having the basic policy for better administration and settlement of claims.  Additionally United India Insurance Company has been part of the Mediclaim Insurance Policy floated by the IBA during the 10th Bipartite Settlement which is known as IBA’s Retirees Policy.
We urge upon our members not to unduly hurry up in regard to the option of Top-up policy as the renewal is due from November 2017 only and further detailed communication is likely to come from IBA in a matter of few days.  The IBA has already advised about the renewal of the Mediclaim Policy and the premium for the serving employees and officers which is due from 1st October, 2017.  There is no need to go for option right now and no need to panic as there is sufficient time to give our options to a much better and higher offer from the United India Insurance Company with whom we are having the basic policy.
We request our comrades to wait for our further communications in this matter.
With regards,
The exact contents of the mail received by us from K M Dastur Reinsurance Brokers Pvt Ltd. on 31.08.2017
Thank you for your mail. We have got  a sanction from United India Insurance Co. Ltd., for the Super Top Up Policy as informed to all the Banks, the Union Associations and IBA. We have informed to IBA and they are happy about the proposal. We are marking a copy of this mail to IBA and United India Insurance Co. Ltd.
In the policy confirmed by United India Insurance Co Ltd.
1.    The extra coverage under the Super Top Up Policy is Rs. 100,000 more than the one proposed by New India Assurance Co Ltd.
2.    This Super Top-up Policy will be seamless and can be availed by the Retirees with the basic policy just by informing their Bank at the time of the renewal of the basic policy as of 1st November 2017 to debit the extra premium payable on the Super Top Up Policy.
3.    The claim process too will be seamless as the same TPA will be settling the claim and all the Retirees would have to do is to inform the TPA of the Super Top Up Policy number too when a claim is lodged.
4.    The TPA will be the same.
5.    There is no minimum number of Retirees essential for the policy to commence, hence the Retirees are ensured of the coverage the moment they apply for the same together with their basic policy.
6.    There is a mention of SBI policy through United, where we are not involved. It is being done by Ms. Anand Rathi Insurance Brokers Pvt. Ltd. and they have no connection with us in any matter.
7.    We at K M Dastur have worked on structuring this IBA  policy for three and a half years and are happy to inform that we were also involved in drafting the medical portion of the 10th Bipartite Settlement and our name is mentioned in the Mapping of the Medical Scheme under the same. We are also members for the claim rejection committee and with this experience we assure you of a better implementation of the IBA Medical Scheme in the days to come.
We give you the details of the Super Top Up Policy as below:
Pleased to inform that after protracted negotiation with United India Insurance Co. Ltd they have agreed to offer Super Top Up Policy to the IBA retirees.
Please note that domiciliary claims will not be paid by the Super Top Up Cover.
How does the Super Top Up work.
Super Top Up Policy will be in addition to the limit of the basic IBA Policy.
To illustrate below our claim example:
For a 3 lakh basic IBA Policy, the Super Top Up Policy is for a Sum Insured of Rs. 400,000.
If there is a claim up to 3 lakhs there would be no claim under the Super Top Up Policy.
In case there is claim for 6 lakhs then 3 lakh would be paid from the basic policy and another 3 lakh from the 4 lakh Super Top Up Policy.
If there is a further claim within the same year and the basic IBA policy is exhausted the balance will be paid from the Super Top Up Policy.
Similarly, For a 4 lakh basic IBA Policy, the Super Top Up Policy is for a Sum Insured of Rs. 500,000.The Rs. 3 lakh basic Policy becomes Rs. 700,000 after the Super Top Up Extension. (Basic Sum Insured Rs. 3 lakhs + Super Top Up Sum Insured Rs. 4 lakhs = Rs. 700,000)Similarly the Rs. 4 Lakh basic Policy becomes Rs. 900,000 after the Super Top Up Extension. (Basic Sum Insured Rs. 4 lakhs + Super Top Up Sum Insured Rs. 5 lakhs = Rs. 900,000)

Sum Insured’s of the two New Super Top Up Policies
Threshold i.e. the Sum Insured under the main Policy after which the Super Top Up Policy will trigger

Premium excluding GST

Rs.
Rs.
Rs.
1
4,00,000
3,00,000
2,975
2
5,00,000
4,00,000
3,225
If you need any further clarifications please do contact us
Best Regards,
Important News for Bankers

(news from News 18 )
https://hindi.news18.com/news/business/uidai-extends-deadline-for-banks-to-set-up-enrollment-centres-1100939.html

अगर 1 अक्टूबर तक बैंक में नहीं खुले आधार सेंटर तो लगेगा 20 हजार जुर्माना

भारतीय विशिष्‍ट पहचान संख्‍या प्राधिकरण (UIDAI) ने सरकारी और निजी बैंकों के लिए उनकी 10 फीसदी शाखाओं में आधार पंजीकरण केंद्र खोलने के लिए एक महीने का और समय दिया है. UIDAI के सीईओ अजय भूषण पांडे ने कहा कि एक अक्‍टूबर से बिना पंजीकरण केंद्र वाली प्रति बैंक शाखा पर 20,000 रुपए का जुर्माना लगाया जाएगा.

इसका मतलब है कि यदि एक बैंक की 100 शाखएं हैं तो उसे अपनी 10 शाखाओं में आधार पंजीकरण केंद्र खोलना होगा. 30 सितंबर तक यदि यह बैंक 5 शाखाओं में ऐसे केंद्र खोलने में विफल रहता है तो उसे पहले महीने में प्रति शाखा 20 हजार रुपए के हिसाब से एक लाख रुपए का जुर्माना देना होगा. इसी प्रकार आगे आने वाले महीनों में जुर्माना लगता रहेगा.

एक महीने और बढ़ाया समय
UIDAI ने जुलाई में निजी और सरकारी बैंकों से प्रत्‍येक 10 में से एक शाखा में आधार पंजीकरण केंद्र और अपडेशन सुविधा अगस्‍त अंत तक उपलब्‍ध कराने के निर्देश दिए थे. अधिकांश बैंकों ने प्राधिकरण से इस प्रकार की सुविधा के लिए और अधिक समय की मांग की थी. पांडे ने बताया कि बैंकों ने और अधिक समय की मांग की थी, इसलिए उन्‍हें 30 सितंबर तक का समय और दिया है. अंतिम तिथि के बाद निर्देश का पालन न करने वाले बैंक को बिना आधार पंजीकरण केंद्र वाली प्रति शाखा प्रति माह 20,000 रुपए का जुर्माना देना होगा.



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