Those who had registered for the Super Cash Back Gold insurance policy can sigh in relief. Partly, anyway. The government has set up a project to pay them back a proportion of the money they lost. A Rs 6 billion investment has been made for the purpose. The money will be credited into their respective accounts as from tomorrow, 15th of May.
In the aftermath of the BAI crisis, the government had promised that the clients will not suffer from the consequences thereof. It had then put at their disposal forms to be filled to inform of the amount of money they had invested in the insurance policy.
Policy holders having invested less than Rs 500 000 will have all of the money returned to them, without interest; around 8,000 of the 14,570 subscribers are concerned.
As for those having injected more than Rs 500 000, they will receive Rs 500 000 before the 30th of June.
The government has put aside Rs 2.5 billion for the first category of investors, and Rs 3.9 billion for the second one. The authorities will therefore need to have Rs 6.4 billion in total to fulfill its promise; it is to be noted that the money to pay back the clients will be obtained from transferring the assets of the BAI and the Bramer Bank to the National Insurance Company and the National Commercial Bank.