Bank Refunded Insurance Premium After Borrower's Death, Denied Claim; Family Gets Relief The recent decision by a district consumer commission in Jammu and Kashmir has sent shockwaves through the banking and insurance industries.
The ruling holds Jammu and Kashmir Bank and PNB MetLife India Insurance jointly liable for deficiency in service and unfair trade practice.
Mohammad Ayoub Dar had taken out a loan from J&K Bank to start a garment business, with Rs 16,000 deducted towards a loan linked insurance premium.