Government Plans to Launch Cooperative Life Insurance Company: Union Minister Amit Shah

On July 6, 2026, Union Cooperation Minister Amit Shah announced the establishment of a life insurance company within the cooperative sector to extend cooperatives' involvement in financial services, as per the PTI news report.  

This initiative, shared during an event for the Ministry of Cooperation's fifth Foundation Day, aims to broaden the cooperative movement beyond its traditional domains. 

Expanding Cooperative Involvement in Financial Services 

The proposed life insurance company will be part of efforts to diversify cooperative activities beyond dairy, sugar, and fertiliser industries.  

Amit Shah highlighted that IFFCO already has a foothold in insurance through a joint venture with a Japanese partner. This new initiative will further embed cooperatives in the financial services sector. 

Bharat Taxi Initiative and Cooperative Infrastructure 

Amit Shah also discussed the positive reception of the Bharat Taxi initiative, with plans to expand it to 500 cities over 2 years.  

Additionally, the Ministry's achievements, including digitalising 50,000 Primary Agriculture Cooperative Societies (PACS) and implementing various cooperative infrastructure projects, were showcased. 

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Infrastructure and Educational Developments 

Several cooperative infrastructure projects were announced, including the transfer of 135 grain storage facilities with a combined capacity of 75,000 tonnes, 85 new godowns, and Sahakar Van projects by Amul and NCCF. The establishment of Tribhuvan Sahkari University in Anand, Gujarat, was also revealed. 

Conclusion 

On July 6, 2026, Amit Shah announced a cooperative life insurance company, marking a strategic expansion into financial services. He also highlighted the positive response to the Bharat Taxi initiative aimed at operating in 500 cities, and plans for educational advancements with Tribhuvan Sahkari University were shared. 

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