In a significant step towards strengthening insurance penetration in the cooperative sector, a Memorandum of Understanding (MoU) was signed on Tuesday between the Bihar State Cooperative Bank and IFFCO-Tokio General Insurance. The MoU aims to expand insurance coverage among customers, cooperative societies, and members across Bihar.
The agreement was formalised in the presence of the State Minister for Cooperation, who chaired the programme and emphasised the importance of insurance as a vital tool for financial security and risk mitigation within the cooperative ecosystem.
Those present on the occasion included Jitendra Kumar, MLA-cum-Chairman, Nalanda Central Cooperative Bank; Abhay Kumar Singh, IAS, Additional Secretary, Department of Cooperation, Bihar; A.K. Paliwal, State Head, IFFCO; and Vipul Gupta, Vice President, IFFCO-Tokio. Several other senior officials and representatives from the cooperative and insurance sectors also attended the event.
The MoU is expected to facilitate wider access to insurance products and further strengthen financial inclusion through the cooperative network in the state.
