Business EconomyPosted at: Jul 16 2025 8:06PM


Consumer Commission orders Bajaj Allianz, J&K Grameen Bank to pay flood claim of a shopkeeper

Srinagar, July 16 (UNI) The District Consumer Disputes Redressal Commission Baramulla and Bandipora has ruled in favour of a local shopkeeper in a case related to the non-settlement of an insurance claim following the devastating floods of September 2014.

In its final order yesterday, the Commission directed Bajaj Allianz General Insurance Company and J&K Grameen Bank to register the claim and pay an amount of Rs 3,00,000 along with 7% interest from the date of the order till its realization.
Additionally, they have been directed to pay Rs 1,00,000 for causing mental agony and indulging in unfair trade practice, and Rs 20,000 towards litigation expenses.

The complainant, Syed Ibrahim Rizvi, a resident of Malmoh Pattan, had insured the stock of his shop through a policy issued by Bajaj Allianz General Insurance Company, facilitated by J&K Grameen Bank Khore Sherabad.

After the floods submerged his shop for over 15 days, causing complete damage to the insured stock, the complainant approached the bank and submitted a written request to process his claim. However, despite the bank forwarding the claim to the insurance company, no further action was taken by the insurer, leading the complainant to file a case before the Consumer Commission.

After a thorough examination of evidence, witness testimonies, and legal submissions, the Commission held that there was a clear deficiency in service and unfair trade practice on the part of the Insurance company and the bank.

The Commission emphasized that once the bank forwards the claim, it constitutes valid and effective intimation to the insurer, regardless of whether the insurer acknowledges receipt.

The order, issued yesterday, was pronounced by Commission President Peerzada Qousar Hussain and Member Nyla Yaseen. The parties have been given a deadline of four weeks to comply with the directions.

UNI MJR GNK
Please log in to get detailed story.
Tags: #Consumer Commission orders Bajaj Allianz# J&K Grameen Bank to pay flood claim of a shopkeeper
More News

Cosmetica 2026 showcases India's beauty boom

14 Jun 2026 | 10:29 PM

Bengaluru, June 14 (UNI) Cosmetica 2026 will showcase India's transformation into one of the world's fastest-growing beauty and personal care markets when industry leaders, global brands, manufacturers and innovators converge in Bengaluru from June 19 to 21.

see more..

Redevelopment will remain one of the key drivers of Mumbai's residential market

14 Jun 2026 | 8:48 PM

Mumbai, June 14 (UNI) Mumbai's redevelopment story today goes far beyond demolishing ageing structures and replacing them with new buildings, said a leading real estate developer.

see more..

India's space economy to grow to USD 40-45 bn in next decade: Jitendra Singh

14 Jun 2026 | 5:13 PM

New Delhi, June 14 (UNI) India's space economy is poised to grow from the current USD 8-9 billion to nearly USD 40-45 billion over the next decade, driven by policy reforms, growing private participation and a rapidly expanding innovation ecosystem, said union Minister of State (Independent Charge) for Science and Technology and Earth Sciences said Dr Jitendra Singh.

see more..

Twelve years of agri transformation with rising production, stronger farmer support and tech-led growth reshaping rural India

14 Jun 2026 | 4:43 PM

By Sourav Shekhar
New Delhi, June 14 (UNI) India's agriculture sector has witnessed a major transformation over the past 12 years, marked by record production levels, expanded farmer welfare programmes, greater access to institutional credit, stronger procurement systems and the growing use of digital technologies.

see more..

Welfare economist Jean Dreze awarded for his research on poverty and inequality measurement in India

14 Jun 2026 | 4:34 PM

New Delhi, Jun 14 (UNI) Renowned Belgian-born Indian welfare economist Jean Dreze was awarded the Global Inequality Research Award (GiRA) during the world inequality conference organised at the Paris School of Economics.

see more..