Jaitley Wants Banks, Financial Institutions To Play Pivotal Role

20 December, Chennai

“Banks and financial institutions should play a crucial role in making India an insured society, Union Finance Minister Arun Jaitley said Sunday.

Speaking after distributing relief and loans to flood- affected people at an event in the city in which all the insurance firms, 27 public sector and 17 private sector banks attended, Jaitley said the the recent tragedy (calamity) was a lesson for the future that India should become an insured society.

Stating that assistance provided during calamities like floods to resume normal life was only temporary, the Union Minister said ”in the long-run people have to be made to stand on their own…it is here banking and financial organisations have a crucial role to play to ensure that India becomes an insured society.”

He said India must become an insured society. ”At the moment we are less insured. Not many individuals are under the ambit of insurance and facing difficult times like the recent floods. It is a real challenge. Insurance can help reduce the losses incurred by the people during such calamities”, he added.