Haryana blacklists SBI Life for delaying annuity payments
Chandigarh, Jan 29 : Accusing SBI Life Insurance of "intentionally delaying" the entire process of distribution of annuity to land owners, the Haryana government Tuesday black-listed the firm from doing business with it and its agencies for a period of three years.
The ban will also apply on any business with any departments, public sector undertakings or autonomous bodies under the state government.
A spokesman of the finance department said Tuesday that SBI Life, which had been awarded a contract, had "intentionally delayed the entire process of distribution of annuity to land owners and failed to carry out its commitments" under the resettlement and rehabilitation (R and R) policy for land owners whose land was acquired for development projects.
He said that SBI Life had failed to execute the service level agreement (SLA) as per the letter of intent (LOI) issued to it September 2011. SBI Life had accepted advance payment from the state government to implement the policy but kept delaying signing the SLAS with the government departments concerned.
"The conduct of the noticee (SBI Life) of refusing to execute the SLA defeated a very laudable policy of the government undertaken to realize the pious constitutional aim of public good," the spokesman added.