After blacklisting SBI Life Insurance Co Ltd, a joint venture of State Bank of India and BNP Paribas Cardif, from doing any further business with the state government for three years, the Haryana government on July 5 has revoked the blacklisting order.
The state government had on December 24, 12012 blacklisted SBI Life Insurance for delaying the payment of annuity to the land losers under the rehabilitation and resettlement policy of the state government. The company subsequently filed an appeal against the blacklisting orders on February 7, 2013.
"After due consideration, the government gave an opportunity to SBI Life Insurance Co Ltd to pay compounding fee in lieu of blacklisting period. Thus, the black listing order against the company is revoked and restrictions imposed the company will no longer be applicable," a government order read.