Deepankar Sharma

Arbitrary  closing of bank accounts of customers for non compliance or some shortcomings in compliance with the KYC – Know Your Customer Guidelines by banks may land them in trouble as the recent verdict of […]

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Application form for Arm License (Form A)
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Autobiography is not the story of a life; it is the recreation or the self-discovery. In writing of experiences, you will discover yourself, and in the writing, you will create the pattern you seem to have […]

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Introduction:
In the name of Economic Reforms almost whole of Indian Economy including Banking, Insurance and FDI in retails is thrown open to the Multinational Companies.I am going to discuss only the Insurance Sector as more and more Companies from all over the world are offering are spreading their wings in India.
Govt Responsibility :

An ordinary citizen is not aware of the net worth of the Insurer/underwriter. What will happen to the Insured if Insurer/Underwriter goes Bankrupt. Govt. Responsibility of the Insurance Regulatory Authority of India (IRDA) is to assess the Net Worth of the Insurer so that the ordinary citizens are not cheated by unscrupulous Insurance Companies. 
Actually there are millions and millions of Insurable Persons and Assets whereas Claim Ratio is very Low. Insurance Companies collect Crores of Rupees from the public whereas the Claim Amount to Total Insurance Premium is very low. What happens to the huge Insurance Premium collected over and above the Claims Paid. Insurance Regulatory and Development Authority of India must regulate the surplus funds in such a way that the ultimate insured persons get the claim unconditionally.  Insurance Companies be asked to ensure the fulfillment of all the conditions before issuing the Policy Document unconditionally and thereafter Insurance Companies must not hesitate in paying the claim amount. I am of the opinion that all negative clauses in vernacular language should be read out to the Insured and thereafter no ifs and what’s.

Now take the Case of Bollywood Comedy Movie OMG  (Oh My God):  Watch Movie 🙂

[youtube http://www.youtube.com/watch?v=eYm8kHhrRCs%5D

In the movie the producer/director has given the message that Insurance Policies also cover the Damages caused due to the “Act of God”. In conveying the message by the Highest Court of Law of the Land in the movie – wrong  message has gone to the masses that they need not worry about Earthquakes, Tsunamis, Floods, Landslides, Nuclear Disasters and unforeseen Catastrophe. The Bollywood Comedy Movie has been used as a medium of advertisement to benefit such Insurance Companies as poor public has been made to believe contrary to the Law of the Land. I urge upon the Judiciary in India to pass very clear strictures against the Producer/Director of the otherwise very Good Comedy as it is felt that the Movie has served the marketing cause of the Insurance Companies – so far unknown to the Indian Masses. Government through IRDA, Judiciary and all the Insurance Companies must come out with clear cut guidelines – whether the Court Verdict played/shown in the movie  holds good in Real Life also.
Welfare Schemes/Social Security is better option to Insurance schemes:

To be more clear about the Insurance Concepts – I also discuss here under two  practical cases followed by most of the Nationalized Banks in India. As everybody knows that Agricultural Financing is a Thrust Area under Priority Sector Lending in India and and Agricultural Implements like Tractors (financed by banks) were insured by the Insurance Companies and Incidence of Claims was very low as compared to the premiums collected as Tractors are used to plough the fields. For years and years say 1969 to 1990 the farmers were made to pay hefty premiums for insuring the Tractors with no benefit at all. What happened to the premium money so collected?  Insurance Companies have no right to retain that Trust Money as their Profits. Based on such feed backs a leading Bank, Punjab National Bank took a bold step to do away with Comprehensive Insurance of Tractors so as to save the farmers’ community from unnecessary insurance costs and PNB set up a Tractor Welfare Fund  and small contribution was taken from the farmer as under :
Insurance:  The tractor borrowers who had opted for PNB Farmers’ Welfare Fund Scheme are required to get their tractor and matching implements insured against “Liability” (third party) under the Insurance Act to get insurance coverage. Subscription will be recovered from the accounts of borrowers who give their consent to opt for PNB Farmers Welfare Fund Scheme. This move on the part of PNB was well received and followed by other banks. Bank used to pay claims out of meager FUND collected and the scheme is a great success – but what happened to the Insurance Premiums collected by the Insurance Companies when there were negligible claims.  This amount must have been acquired by Govt. or IRDA as a future protection fund of the insured if the Insurer Companies go Bankrupt or move for liquidation.
 
Similarly there was one Guarantee Scheme (in 1990) by Deposit Insurance and Credit Guarantee Corporation of India popularly known as DICGC which Guarantees payment to the Depositors within limitations in case a Bank fails in its obligations. This Deposit Insurance Credit Guarantee Corporation also used to Guarantee payment to the Banks in case Small Scale Industries defaulted and failed to pay their obligations. Hefty fee of 2.5% used to be charged on the loans sanctioned or availed amount of credit, whichever was more, and it was taxing expenditure to be born by Small Scale Industries. The Guarantee Fee structure stipulated that the cost will be borne in such a way that Interest Cost + G.Fee cost to the SSI not to exceed 19.5% p.a.  ( in the year 1990’s ) that is to say that a customer with rating A+ (with rate of interest @17.00%) had to bear the cost of G.Fee and in case of other Customers with C Rating ( with higher rate of interest 19.5% due to poor rating) the guarantee fee was to be borne by the Bank. Now the question was raised by the A+ Very Good Borrowers that they will not follow financial discipline and slip to C category – at no extra cost. As such Protection by Insurance or Guarantee Schemes needs strict control and the accounts of Insurance Companies, their investments – diversion of funds to their personal interests – needs to be thoroughly kept under regulatory authority of Government of India.

//

Government must encourage compliance and discourage avoidance as willing compliance will yield very Good Results and Lower Fiscal Deficit if Fiscal Structure is completely reformed and Indian Economy moves faster to Cashless Society and all financial transactions relating to Reality Business etc. are made through Online Transactions. To implement this we immediately need Demonetization of Currency as was done by Late Prime Minister of India – Sh. Morarji Desai in 1977 .

I created an Autobiography Link on my website without any idea about “How to write an autobiography“. When I searched the web I found that it was not a Child’s Play and in the present context […]

For any individual, who relies on Net Banking transactions, it a matter of concern that the Bank’s website is genuine or not. Though most of the Banks have installed Tools and Procedures like:

Image […]

Do not go by the date updated above as I started writing it on 30/10/2017. Why did I start writing my autobiography today that is 30/10/2017? Today, as per Hindu Lunar Calendar, is my Birthday. I do not have m […]

When anyone applies for a Loan to the Bank of FI, Credit Rating for loan approvals by Banks and Financial Institutions is verified by the Bank’s and Financial Institutions. Similarly verification of Immoveable […]

I am sure you must have done the basics for Journey towards making a Personal Website by know. Now we guide you step by step. I assure you that building your own blog or website is not more than 2 hours job. On 11 Sept.,2012  – I conceived the idea of launching a “Consumer Protection” site for the Public. Believe it or not – I launched the site within one and a half hour and I not only published it on the web but also directed  the Google Adsense traffic, deep linking by Info links  so as to earn revenue in addition to my own website’s advertisement at the bottom of it. Promote yourself is the key to success. Now if you want to enjoy your free time then you can follow the guidelines below:

1. Visit the site Blogger.com and sign in with your Gmail ID. Blogger site will prompt you to create a New Blog of your own. Think of an attractive name which could be search engine friendly.  To understand the concept of Search Engine Friendly just think of billions of  internet users who might be searching on the web and such users use specific words for example if the user wants to buy medical policy he or she may like to search best health insurers in his or her geographical location. Different users use different words to search the same thing and the words, used by majority of users to search the same thing, become the Key Word and the advertisers target such key word users to market their products. But such key words keep on changing with change of taste of internet users. As such selecting the name of the Blog or Site is very important as Search Engines along with pushed ads catch the key words of your name of the Blog,  Description of the Blog and the topics on which you get noticed by Search Engines as Search Engine Optimization will be your biggest task when you are live on the web.

2. While writing this article I tried the name for example  “Team Google India” with Domain Address as http://teamgoogleindia.blogspot.com – which is available. When you decide such names you are supposed to provide technical know how to the Public as the very name suggests it. I am sure wisely selected Title Names and Domain address with similarity with the Title Name will be helpful in future.

3. The Message says :             Note: I am doing it parallel for the benefit of the readers.

Team Google India
Your Blog has been Created, Start Posting/Dismiss

No posts. Start blogging!

Now do not make haste. Neither Dismiss nor Start Blogging at this moment. You are to build a Castle (Blog), whose very foundation depends on Lay Out,  Template ,  Your own Logos and Cover Page (called Home Page) for your Blog. If the foundation is strong and layout of the rooms to accommodate your articles ,  advertisements and above all navigation for your readers – you will feel proud. Choose Template and Layout before you decide to go for publishing on the web.
4. After the pencil mark you will find this   icon along-with a drop down menu. Click the Drop Down menu and go to template. Click Template – click customize – select Awesome Inc and select an template. Go to the Layout and to get best results (based on my experience)  select Body Layout No.2 from Given layout with Header and side Bar and Footer Layout No.3 with three footers.  Simple lay outs adjust to requirements.

5. Then Go to width adjustments with entire blog =1200 and right bar = 350. This is best suited for ads to appear as on the side bar you can have ad sizes 300 x 600 for text and display banner ads.

6. Apply to the Blog and View the empty Blog . Now check out and try other designs and be conversant with Lay Out and Designs . Do not work in haste. By clicking customization you can change the colour schemes, font size and type and other displays like date format etc etc.

 Oh yes, Try Google Drive, Pixir – Photoshop , visit sites and blogs, right click the images, texts and photographs – you will be prompted to Copy Image, Copy Image URL, Copy and Save Link, Save Image as a target on your PC folder. We will make your familiar with everything – required after  launching the Blog – that is submitting of sitemap in webmaster tools and Google analytic s and how to burn feeds and above all to ensure that Search Engines do not ignore your Blog . In the meantime go through the Bloggingwithoutablog a Genius and featured blog by Lady Barbara, whom you would like to interact time and again.  It will encourage you to think that You Can do it.

 Happy Blogging.
Ashok Goyal – Self Made Web Designer.
CEO Founder Web Question Answers.

Sat Guru Nanak Pargateya, Miti Dund Jag Chanan Hoya.

 06/11/2014 ਗੁਰ ਨਾਨਕ ਦੇਵ ਜੀ ਦੇ 545ਵੇਂ ਜਨਮ ਦਿਨ ਤੇ ਲਖ ਲਖ ਵਧਾਈਆਂ

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Learn to Earn, Online or Offline by Ethical Means – Global Portal launched by webmaster Ashok Goyal is offering a genuine revenue sharing program for students, freelancers, retired personnel, senior citizens […]

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Some Banks are offering Reverse Mortgage Scheme for senior citizens who are in need of Huge Amount for their Medical Expenses and also need Regular Monthly Income to meet with their monthly expenses in the […]

Just go through the Terms and Conditions of a few institutions and ask yourself if you have read and understood the  terms and conditions of use or you just accepted them as a mere formality.

Top PSU and Private Banks :

One of the leading Bank’s (S.B.I.) Net Banking Site alerts its customers as under :

CYBER CRIME: The Internet per se is susceptible to various cyber crimes like phishing, vishing (Voice phishing), SMSing (phishing through SMS), compromise of User’s system security etc., that could affect Payment Instructions / other instructions to the Bank. Whilst the Bank shall endeavor to protect the interest of the customers, there cannot be any guarantee from such cyber crimes and other actions that could affect Payment Instructions / other instructions to the Bank including but not limited to delay or failure in processing the instructions. The User shall separately evaluate all such risks and the Bank shall not be held responsible for the losses arising out of such cyber crimes. The User understand that doing a NetBanking transaction at a Cybercafe/shared computer terminal is risky and shall avoid using the services of a Cybercafe/shared computer terminal to do any Net Banking transactions.

Indian Railways :

Maximum Liability:  The maximum amount of our liability to you for all loss or damage arising out of your use of our web site and the service whether in contract or tort (including any liability for negligence howsoever arising out of or in connection with the performance of our obligations in the provision of the web site and this service) shall be limited to the value of the ticket purchased for your use through this service.

Exclusion of Liability: We shall not be liable to you for any of the following types of loss or damage arising out of your use of our web site and the service whether in contract or tort (including any liability for negligence howsoever arising out of or in connection with the performance of our obligations in the provision of the web site and this service): 

i. Loss of revenue, business, anticipated savings or profits; or 
ii. Any indirect or consequential loss howsoever arising.
Source : Terms and Condition for using website.
 
Reliance General Insurance (Private Sector):

The content is available for informational purposes only. The posting of contents and access to this website does not render, either explicitly or implicitly, any provision of services or products by us. Information concerning financial products or services (including insurance, asset management and banking) is only available through the respective Reliance General Insurance.

At Reliance General Insurance, we would like our policy to be as transparent as possible. Hence we would like you to know some of the major exclusions under the policy: (What about minor exclusions ?)

Normal wear and tear of the vehicle
Mechanical and electrical breakdown
Vehicles being used other than in accordance with the limitations as to use
Damage to/by a person driving without a valid driving license
Loss or damage under the influence of alcohol or any other intoxicating substance
Loss or damage due to depreciation
Loss or damage due to war or nuclear risks
Consequential loss
Compulsory Deductibles

Source: Reliance Company Website (Terms and Conditions)  and Main Website.

Before signing Manually or Electronically (Clicking – I Agree), be careful to download the copy of “Terms and Conditions” as these terms and conditions keep on changing on the Printed Forms and on the Websites.
 
Have you ever noticed that such Terms and Conditions printed on the Documents are printed in such a way that the same can’t be read by naked eye. Governments all over the world need to amend the laws in such a way that Terms and Conditions be in the form of “Questionnaire” and the Individual be asked to Check – YES or No box on the electronic media and Write – “Yes” in his own handwriting on the Printed Media as Insurance has to be unconditional otherwise the very meaning of insurance will be reduced to no assurance. Rather conditions be put on the insurer to check each and every thing including state of health before issuing health insurance or life insurance and other requirements for example while insuring a house in quake prone area the insurer should satisfy himself about the condition of the construction. After the insurance premium has been collected and Insurance Policy is issued the insurer should not be allowed to seek protection under disclaimer or Terms and Conditions of insurance. If an young person joins the army, air force or become pilot or opts for a hazardous profession after taking the policy then the insurer can not bind the insured to inform the insurer every time about his or her living conditions. If you feel that the Insurance should be unconditional insurance then share our both the articles with your facebook friends, Google+ Circles, Twitter, Linkedin Links so that they are alerted to question the Terms and Conditions of even Google Verified authors like me.

Here is a Real Life Story of legal heirs of a deceased, who successfully managed to claim a matured fixed deposit along with compound interest after 15 years wait. What happens when someone, in absence […]