State blacklists SBI Life for delaying payments
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Haryana's ambitious Resettlement and Rehabilitation (R & R) policy has hit a roadblock after the state government on Tuesday blacklisted the SBI Life Insurance Company and debarred it from doing any business with the government or any of its subsidiaries for three years on the grounds that the company had intentionally delayed the distribution of annuity to land owners.
The company failed to perform the collection and validation of the required data, which was one of the primary objectives assigned to it by the state government.
"The government withdrew and cancelled the bid awarded to the company for delaying the entire process of distribution of annuity to the land owners under the Resettlement and Rehabilitation (R&R) Policy of the state government," a finance department spokesperson stated.