The Chennai North District Consumer Disputes Redressal Commission has ordered Niva Bupa Health Insurance and Karur Vysya Bank to pay a total of Rs 51,00,000 to a widow and her son, citing deficiency in services. The complainants, Santosh Sudhersan Sharma and her son Sandeepan Sudhersan Sharma, from Ambattur, had filed a complaint after being denied a insurance claim.

In 2021, Sudhershan Pohloram Sharma, Sandeepan’s father, had taken a housing loan of Rs 50,47,000 from Karur Vysya Bank, which included a critical illness cover accidental cover policy from Niva Bupa Health Insurance, purchased through the bank. Despite paying a premium of Rs 2,99,956, no one from the insurance company explained the policy terms to Sudhershan.

Sudhershan died on January 25, 2022, due to acute coronary syndrome, which Sandeepan and Santosh claimed was covered under the critical illness benefits. However, Niva Bupa Health Insurance denied their claim, citing that the cause of death did not fall under critical illness benefits.

The consumer commission held both Niva Bupa Health Insurance and Karur Vysya Bank responsible for deficiency in services and directed them to pay the complainants the base sum insured of Rs 50,00,000 with nine per cent interest per annum from the date of death to the date of payment. They were also directed to pay Rs 1,00,000 towards compensation for deficiency in service, mental agony, pain and sufferings and Rs 5,000 towards litigation cost.

The complainants had been initially led to believe that the insurance policy would cover the housing loan, but after Sudhershan’s death, they were left with an outstanding amount and had to make payments themselves. The commission noted that Niva Bupa Health Insurance deliberately denied the claim and caused the complainants unnecessary stress and suffering.

The Karur Vysya Bank Limited has announced the opening of five new branches across various locations. The branches are scheduled to be inaugurated on January 27, 2025. Here are the details of the new branches:

* Branch Serial Number: 867, located at Malumichampatti, Coimbatore, with an address at SF No.340/1B, Indra Nagar, Pollachi Main Road, Malumichampatti, Coimbatore – 641 050.
* Branch Serial Number: 868, located at Makkinampatti, Pollachi, with an address at MCET College Campus, S.F. No 11, Udumalai Road, Makkinampatti Post, Pollachi – 642003.
* Branch Serial Number: 869, located at Palamedu, Madurai, with an address at D.No.12/3/75, Bhruntha Nagar, Palamedu, Madurai District – 625 503.
* Branch Serial Number: 870, located at Kaveripattinam, Krishnagiri, with an address at No.67, Govinda Chetty Street, Agaram Road, Kaveripattinam, Krishnagiri District – 635 112.

All these branches will start operations on January 27, 2025, providing banking services to the local communities. The bank has not provided any further information about the services that will be offered at these branches or the timing of their operations. However, customers can expect to have access to a range of banking products and services, including savings and current accounts, loans, credit cards, and more. The opening of these new branches is likely to benefit the local population by providing convenient access to banking services and contributing to the overall economic development of the region.

Karur Vysya Bank has announced its financial results for the quarter ended December 31, 2022. According to the bank’s financial report, the Q3 net profit has registered a significant growth of 20.39% at Rs 496 crore, compared to the same quarter last year. This impressive growth is a testament to the bank’s efforts to improve its performance and build upon its strengths.

The bank’s total income for the quarter has increased by 14.54% to Rs 2,444 crore, from Rs 2,134 crore in the same quarter last year. This growth is attributed to a 15.48% increase in net interest income to Rs 1,593 crore and a 12.32% rise in operating profit to Rs 621 crore.

Karur Vysya Bank’s net interest margin (NIM) has improved to 3.32%, up from 3.23% in the same quarter last year, indicating the bank’s ability to generate profits from its lending activities. The bank’s asset quality has also shown improvement, with gross non-performing assets (NPA) ratio decreasing to 6.31% from 7.12% in the same quarter last year.

The bank’s capital adequacy ratio (CAR) stands at 14.97%, well above the regulatory requirement of 10.25%. The bank’s profitability has been driven by a combination of factors, including its strong loan growth, improvement in NIM, and effective cost management.

In terms of growth, the bank’s advances increased by 12.89% to Rs 62,351 crore, while its deposits grew by 14.63% to Rs 64,935 crore. The bank’s fee income has also seen a significant increase of 25.64% to Rs 131 crore, driven by higher earnings from its services and fees.

Overall, Karur Vysya Bank’s Q3 financial performance is impressive, reflecting the bank’s commitment to sustainability, growth, and profitability. The bank’s strong financials, robust asset quality, and effective cost management position it well to continue delivering value to its stakeholders in the long term.

Karur Vysya Bank, a private sector institution, has recently announced a solid financial performance, reporting a substantial 20.4% year-on-year increase in its net profit at Rs 496 crore for the December 2024 quarter. This represents an improvement over Rs 412 crore in the equivalent period of last year. At the same time, the lender’s net interest margin decreased minimally to 4.03% compared with 4.32% reported in the related quarter of last year.

Revenue-wise, non-interest income posted a rise by 4%, while operating prof