Participating in FICCI-IBA banking seminar RBI Governor Shaktikanta Das said that economic growth is the need of the hour. He added that financial stability is important to sustain growth in the long run. The Finance Ministry has asked insurance companies to expedite the claim settlement process for policy holders affected by floods in different States, including Karnataka, Maharashtra and Kerala.The ministry has asked the insurers to clear claims under various policies including Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Fasal Bima Yojana quickly.(IRDAI) in a communication to life insurers said that as a result of the heavy rains and floods, there are reports of loss of human lives and loss of belongings in many states such as Karnataka, Kerala, Maharashtra, Gujarat.The insurers have been told to ensure that all claims are surveyed immediately and claim payments are disbursed at the earliest. They have also been asked to engage adequate number of surveyors in the affected areas.
Expedite claim settlements in flood affected areas, Finance Ministry asks insurers
To help the auto sector tide over stress, the country's largest lender State Bank of India (SBI) has extended the credit period of automobile dealers that are facing demand slowdown and inventory build up.Normally the credit period is of 60 days but the bank has extended the same to 75 days in some cases or 90 days in others.As per Society of Indian Automobile Manufacturers (SIAM) figures, vehicle wholesale across all categories declined by 12.35 per cent .Passenger vehicles (PV) segment has been the worst hit with sales continuing to decline for almost a year now
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