Proposal for Insurance Company

The Ministry of Cooperation, aiming to realise the vision of Sahakar‑se‑Samriddhi, has launched initiatives to strengthen cooperative banks, enabling them to act as ‘Corporate Agents’ for insurance distribution. The Reserve Bank of India, following the Ministry’s efforts, removed the ₹50 crore minimum net‑worth requirement for Rural Cooperative Banks to obtain a Corporate Agent licence, facilitating broader participation in the insurance sector. Union Home Minister and Minister of Cooperation Amit Shah conveyed this information in a written reply in Lok Sabha.