OMBUDSMAN
Google agrees to addition privacy protections in Spirit Airlines data sale
The agreement clears the way next week for approval of Google's $10 million deal to acquire Spirit data to train AI models. The union said it had won a more rigorous de-identification process than previously planned and added significant employee data will be excluded from the sale, including health and medical information.
"Anna Hazare's anti-corruption movement was covertly supported by BJP, RSS" to dislodge UPA: Sonia Gandhi's memoir
Sonia Gandhi, in her memoir, indicates that the 'India Against Corruption' movement received covert support from the BJP and RSS. The movement created significant public pressure, compelling the UPA government to pass the Lokpal Act in 2014. Although the legislation aimed to combat corruption, it became ineffective following the BJP's rise to power. Gandhi reflects on Prime Minister Dr. Manmohan Singh's challenges during this tumultuous period.
UPI Payment failed or stuck? When banks must refund your money and pay ₹100 per day in compensation
Have you ever faced a situation where a UPI payment was debited from your account but not received by the recipient? Discover the steps to handle failed UPI transactions, understand the reversal process, and learn how long refunds typically take. Stay vigilant against potential fraud while navigating the complexities of digital payments.
Lost money to a UPI scam? The first 3 days could decide how much you can recover
In the blink of an eye, UPI scams can wipe out your bank savings, but there's hope for victims. The Reserve Bank of India stands ready to safeguard you against unauthorized transactions. Discover essential actions to take the moment fraud strikes, understand how liability is assessed, and find out what steps to take if your bank turns down your claim.
Health insurance claims: How the moratorium clause protects you after five years
Cutting through money jargon, one topic at a time. This week, Preeti Kulkarni explains how the moratorium clause in health insurance protects policyholders against arbitrary claim rejections. The moratorium period is calculated based on the number of years of continuous coverage. So, if you port your policy to another insurer, the moratorium clock does not get reset -- you do not lose the benefit of the period already served.
Group health insurance claims: 5 common claim deductions and disputes employees should know about
Most group plans cover pre-existing diseases from day one, and individual employees are not medically underwritten. Barring a few exceptions, disputes are rarely about whether a claim is admissible. They are mostly about deductions.
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How digital distribution shifts the balance of power towards the customer
The insurance sector grapples with pressing issues like mis-selling and customer complaints, which hinder the efficacy of policies. However, digital platforms offer improved transparency, enabling consumers to make well-informed choices about their coverage options. By comparing policies, customers not only save on premiums but also gain better insights into their coverage. Additionally, digital channels simplify grievance resolution, fostering easier interactions with insurers.
Indonesia looks to India & China for fuel supplies
Indonesia is exploring gasoline imports from India and China to combat rising global crude oil prices. The country's energy minister Bahlil Lahadalia will visit India this week for discussions. Indonesia has faced significant fuel supply disruptions in various provinces due to increased demand and distribution challenges. President Prabowo has directed the exploration of alternative energy sources amidst geopolitical tensions. The situation underscores Indonesia's urgent need for reliable energy supply solutions.
Bengaluru man buys health insurance for parents, pays premiums for three years, mother undergoes treatment but insurer rejects claim, gets relief in consumer court
A Bengaluru man who spent Rs 3.13 lakh on health insurance policies for his parents disputed Star Health's rejection of his mother's medical claim after she underwent endoscopy and colonoscopy procedures. He alleged that the insurer repeatedly sought documents already submitted. The Insurance Ombudsman had identified Rs 27,921 in hospital and pre-hospitalisation expenses.
RBI data centre to strengthen payment systems, cyber resilience
The Reserve Bank of India inaugurated a new sovereign data centre to enhance the resilience of financial services and reduce reliance on third-party cloud providers. Prime Minister Narendra Modi also inaugurated a cybersecurity training institute, which will develop expertise in emerging technologies. The data centre will support critical systems like RTGS and NEFT for efficient financial transactions.
No power, no water and winter approaching: How Melania Trump got involved in rescuing Ukraine’s forgotten city after weeks of unusual negotiations
Oleshky residents have been facing critical shortages of basic supplies due to prolonged conflict and occupation. A temporary ceasefire is scheduled to start soon, allowing for humanitarian assistance delivery and civilian evacuations. US First Lady Melania Trump played a significant role in facilitating this agreement between Russia and Ukraine. The success of this ceasefire will depend on proper implementation and safe transport of aid.
Ukrainian negotiator says local humanitarian ceasefire with Russia will start on Tuesday
A ceasefire in the Kherson region of Ukraine will commence to enable humanitarian efforts in Oleshky. Melania Trump has played a crucial role in organizing aid delivery and civilian evacuations. The agreement was reached between Ukrainian, Russian and US negotiators ahead of the mission. Civilians in Oleshky are facing dire conditions with limited food and medical supplies. Safety measures for the mission will include mine clearance and secure evacuation routes.
Two health insurance policies, one hospital bill: Here’s how to claim the unpaid hospital bill from the second insurer
Navigating health insurance claims can be tricky, especially when you have multiple policies. If your hospital bill exceeds your coverage, understanding how to leverage both policies effectively is key. Discover the guidelines from IRDAI, the claiming process, and essential tips to avoid common pitfalls when filing claims with two insurers.
Bank reduced interest on Rs 5.89 crore FD from 7.75% to 3.5% citing non-renewal; Delhi HC rejects arbitrary rate cut on this ground
Bank reduced FD rate from 7.75% to 3.5% citing non-renewal of court order FD upon maturity; Delhi HC rules banks cannot reduce such FD interest arbitrarily.
SBI refused to close higher fee credit card given to woman who asked for cheaper one; charged Rs 2,999 instead of Rs 499; SBI Card ordered to pay Rs 50,000
A Delhi consumer commission has ordered SBI Card to pay Rs 50,000 to a cardholder who asked for a cheaper credit card and was refused. The company has also been told to close the card and issue a bill as on 4 August 2023.
Lawmakers raise alarm at Google plan to acquire Spirit Airlines data for AI models
More than 120 US lawmakers raised concerns about Google's deal to acquire Spirit Airlines' internal data for artificial intelligence. The data included employee records and communications, prompting requests to limit the transaction's scope. Google stated that it does not seek personal information from Spirit employees during the acquisition process. Lawmakers highlighted the importance of protecting worker privacy amid advancements in artificial intelligence technology.
Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situations
From stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer earlier this year won Rs 3.21 lakh for a delayed credit card closure. Here are 5 situations where the clock ticks in your favour, with compensation ranging from Rs 100 to Rs 5,000 a day.
How the EU regulates lobbyists after 2022 Qatargate bribery scandal
Following the 2022 Qatargate bribery scandal, the European Union tightened its lobbying rules in Brussels, where thousands of businesses and industries push their interests to EU lawmakers and officials. - Public agendas - Brussels tightened its lobbying rules after the so-called "Qatargate" cash-for-influence scandal in 2022, when former EU lawmakers were suspected of taking bribes from Qatar and Morocco.
Insurance misselling misunderstood: The regulator’s proposal is tantamount to addressing the symptom, while ignoring the cause
In FY25, the Indian insurance sector experienced significant premium growth while maintaining flat penetration rates. However, complaints regarding misselling and customer dissatisfaction have risen. The Insurance Regulatory and Development Authority of India is considering reintroducing commission caps to combat these issues. Previous successful strategies in other countries suggest combining commission ceilings with clawbacks to incentivize appropriate sales.
Reducing commissions may help curb mis-selling of insurance products; IRDAI’s role remains crucial
The Insurance Regulatory and Development Authority of India has announced new proposals to limit commission rates for insurance distributors. This move seeks to tackle high distribution costs, ultimately enhancing the policyholder experience. By implementing reforms aimed at fostering customer-centric practices, the initiative aims to curtail the mis-selling of insurance products. Insurers must align their compensation methods with the value delivered to customers.
RBI asks banks to tackle repeat customer complaints, fix gaps in grievance systems
The Reserve Bank of India has asked banks to identify systemic, process and operational gaps behind recurring customer complaints and conduct root-cause analysis to reduce their recurrence. The regulator also called for stronger capacity building and grievance handling. More than 1.33 million complaints were received under the ombudsman scheme in FY25.
Man left BMW on highway after puncture, found it burnt next morning; insurer denied Rs 70 lakh claim; he fights back and wins claim money with 7% interest
According to the insurer, the BMW owner made multiple policy violations. Specifically, he failed to immediately notify the police and the insurer in writing, and “breached Condition No. 4 by leaving the vehicle unattended on the road without taking proper precautions to prevent further loss.” Despite this, how did the policyholder won the case? Read on to know.
200 AI agents, humans on standby: Inside Ignosis AI’s debt-collection operation
The Ahmedabad-based startup says its agents manage collections for four to five lakh borrowers a month and handle 70-80% of cases without human intervention.
Cashless health insurance claims: What policyholders can do when hospitals and insurers clash over bills, approvals, and deductions
Inflated bills, delayed approvals, arbitrary deductions. As hospitals and insurers trade charges, policyholders are left footing the bill. What will it take to fix the system?
Nagpur pothole gets a ‘10th birthday’ celebration, road repaired in just a day after viral video
Nagpur pothole birthday celebration: A Nagpur content creator’s humorous “10th birthday” video for a pothole at Uday Nagar Square went viral and drew widespread attention. The road was subsequently repaired, although the PWD said the work was already scheduled under its annual maintenance programme.
SBI debits Rs 19.9 lakh for late spouse’s loan, freezes salary account despite not part of the debt; High Court orders it to pay widow Rs 20.9 lakh
Allahabad High Court has ordered SBI to refund Rs 19.9 lakh after the bank used a widow’s fixed deposit to recover her late husband’s personal loan. The court also awarded Rs 1 lakh compensation, after finding that the woman was not a party to the loan and SBI had no legal basis to directly debit her account.
A Georgia cattle farmer faces losing 225 of his family’s 450 acres to eminent domain; century-old pecan trees were cleared for a proposed 730-acre airport
A Georgia farmer faces losing hundreds of acres of ancestral land for a new airport. Eminent domain allows the county to take the property without the farmer's consent. Construction of the proposed airport is scheduled to begin in 2026. This development highlights the ongoing loss of farmland to infrastructure projects nationwide. The farmer's century-old pecan grove will be replaced by a runway for private jets.
BCCI AGM: Andaman & Nicobar associate membership, ICC representative and IPL Governing Council on agenda
The upcoming 95th Annual General Meeting of the BCCI promises to tackle significant issues including associate membership and ICC representative roles. Arun Dhumal's unopposed re-election to the IPL Governing Council will also be formalized. Moreover, the agenda encompasses a review of financial data, annual budgets, and selections for committees, while contemplating the direction of the chairman of selectors, addressing critical governance in Indian cricket.
MCA raises corpus to Rs 500-cr; Wankhede lounges to be named after Tendulkar, Rahane and Mantri
The Mumbai Cricket Association will increase its subsidy corpus to Rs 500 crore. This significant funding will support affiliated clubs over the next ten years. Lounges at the Wankhede Stadium will be named after Sachin Tendulkar and Ajinkya Rahane. Late Madhav Mantri will also be honored with a designated lounge at the stadium. These decisions were made during the association's annual general meeting.
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