Thursday, October 15, 2015

Supreme court judgement on LIC resignee case

We reproduce below article by Shri R.K. Pathak in light of recent judgement by Supreme Court in LIC Resignee case.
It is now known fact that Banks and IBA [ Voluntary Association of Management of Bank] are unjustifiedly denying the legitimate claim of the Bank Resignees despite clear cut judgments in following cases:-
1) D. Malleshwar Rao Vs Andhra Bank
2) S. K Kool Vs Bank of Baroda
3) Smt. Shashikala Devi Vs Central Bank of India
4) Vijaya Bank Vs M Narsimhappa

Banks and IBA are not only denying lawful claims of Resignee [ Left Over Category] but also through battery of lawyers taking advantage of its own wrong and seeking
judgments against  financially weak litigants by suppressing the facts & also filing special leave petitions and review in the High Courts.

Banks and IBA are relying on UCO Bank Vs Sanwarmal, Canara Bank Vs M R Prabhakar judgments and  with forceful argument from battery of lawyers made successful attempt to sideline the principle laid down in Sheel Kumar Jain Vs New India assurance Company.

Wednesday, October 7, 2015

Medical Insurance for retirees - 3 months grace period to retirees under exceptional circumstances

According to medical scheme for retirees last date for giving consent to this scheme was 25th Oct. 2015, as the scheme will be operational from 1st Nov. 2015. Now IBA has advised banks to allow three months grace period for joining the scheme, to such retirees who could not give consent by stipulated date. The request of the retirees may be considered in exceptional circumstances , to the satisfaction of concerned bank.
Click here to view IBA circular