Shah announces setting up of co-op life insurance company

#New Delhi

Union Minister Amit Shah on Monday announced that a cooperative life insurance company will be established to expand business areas of cooperatives and also said services of ‘Bharat Taxi’ would be increased to 500 cities in next two years.

At an event in the national capital to mark the fifth Foundation Day of the Ministry of Cooperation, he stressed eradicating corruption in the appointments of professionals to enhance credibility in India’s cooperative ecosystem.

Shah, the Cooperation Minister, said the establishment of the ministry has given a new “lifeline” to India’s cooperative movement, which was a “neglected movement” during the Congress regime.

India has around 8.5 lakh cooperatives with more than 30 crore members. Shah highlighted that the ministry has taken many policy initiatives to make the cooperative system modern, transparent, technology-enabled, and competitive.

The minister said that ride-hailing platform ‘Bharat Taxi’, which was launched under the cooperative model, has been doing well and would be expanded into 500 cities in the next two years. On similar lines to Bharat Taxi, Shah said: “We will be setting up a life insurance company in the cooperative sector. This will help in the growth of cooperatives in the insurance sector”.PTI