Srinagar, April 28 -- The Jammu and Kashmir government has blacklisted Reliance General Insurance Company Ltd (RGICL) for two years from participating in any bidding or procurement process following a mediclaim policy scandal involving alleged money laundering of over Rs 32 crore, officials said on Tuesday.

An official told news agency Kashmir News Service (KNS) the insurer failed to discharge essential contractual obligations under a tripartite agreement signed on October 15, 2018, for a Group Mediclaim Insurance Scheme covering 3.5 lakh government employees and pensioners.

"The reply submitted by the company does not satisfactorily explain or justify the serious lapses and contractual failures attributable to it," the order said, noti...