Cyclone Biparjoy: FM Sitharaman meets top officials of banks, insurance firms to review preparedness

The finance minister at the meeting.

Finance Minister Nirmala Sitharaman on June 14 chaired a meeting of managing directors and senior officials of various banks and insurance companies to review their preparedness in view of the impending Cyclone Biparjo.

The India Meteorological Department (IMD) has issued a red alert in the wake of Cyclone Biparjoy-induced rainfall on June 14 for the Saurashtra-Kutch region. The cyclone is expected to make landfall near Jakhau port on June 15.

As many as nine states and union territories have been put on rainfall alert, including Gujarat, Kerala, Tamil Nadu, Karnataka, Maharashtra, Goa, Daman and Diu, Lakshadweep and Dadra and Nagar Haveli. Heavy rainfall is expected in these areas on June 15.

During the meeting, top executives of banks and insurance companies provided a detailed update on the precautionary measures for Cyclone Biparjoy.

The finance minister asked them to follow disaster management protocols. All staff should be made aware of it.

She told bank and insurance company officials to ensure that the staff gets adequate care, food and medicine during Cyclone Biparjoy. The claims originating from loss of life, fisheries, livestock, crops, boats and property should be settled expeditiously, she said.

The FM also emphasised that banking services should be restored at the earliest post-cyclone to provide ease to the citizens. Banking correspondents should be available and cash availability should be ensured, especially where ATM restoration may take time.

"Protecting documents and sensitive information was also highlighted as a crucial priority for banks," the finance ministry said in an official statement.

According to the statement, bank MDs and insurance companies have assured the minister that all necessary steps would be taken to effectively mitigate any potential damage and will ensure quick restoration of banking services.

Cyclone Biparjoy weakened into a very severe cyclonic storm on June 14, and has headed northwestwards. Currently stationed 380 km south of Karachi, it is expected to hit Pakistan after India.