Union Home and Cooperation Minister Amit Shah announced that the government is working towards establishing a fully cooperative-owned insurance company, a move aimed at expanding the footprint of the cooperative model into the financial services sector.
Speaking at an event in Mumbai to mark the International Year of Cooperatives 2025, Shah said, “The cooperative sector had already taken its first step into insurance through IFFCO. Now, we are moving ahead to increase the cooperative stake in this space and launch an insurance company with full ownership under the cooperative sector. This initiative will open several new dimensions for cooperatives.”
The proposed insurance company will be entirely owned, managed, and operated by cooperative institutions and their members. The model is expected to offer customized insurance solutions tailored to the needs of farmers, rural communities, and small businesses, segments often underserved by traditional insurers.
Cooperative leaders and stakeholders present at the event welcomed the announcement, calling it a milestone that could revolutionize the sector and ensure deeper financial inclusion.
Cooperatives in writepath towards
Gandhian movement.
In Tamil
மகாத்மா காந்தியடிகள் கண்ட கூட்டுறவு அடிப்படையிலான இந்திய நாட்டின் தற்சார்பு இயக்கத்தின் முன்னெடுப்புகள்.
Excellent idealistic.. it’s new experiment that’s help lakhs of coop society and crores of cooperators. By introducing such scheme, the other private competitors will also reduce premium size with bigger benifits ..