Fin Min asks insurer to expedite claims arising out of Kerala floods

New Delhi: The Finance Ministry has instructed all public and private insurance companies to expedite processing and settlement of all claims arising out of floods in Kerala, according to a statement released by the ministry on Thursday.

Assuring that the Centre would provide all necessary assistance to flood-ravaged Kerala, Minister of State for Finance Pon Radhakrishnan stressed that the Centre is totally sympathetic to the state and the prime minister has asked all ministries to consider various demands of the state, the statement said.

"With the allocation of Rs 214 crore during 2018-19 to Kerala, the state government has a total amount of Rs 562.45 crore in the State Disaster Response Fund (SDRF) under its disposal," he said after the State Level Bankers' Committee meeting in Thiruvananthapuram yesterday.

Further fund requirement will be decided after the submission of memorandum by the state, he said. The meeting which was also attended by the Department of Financial Services Additional Secretary Debasish Panda reviewed the banking operation in the state severely hit by the floods. Nearly 191 bank branches and 179 ATMs were made functional and measures are being taken to make the remaining functional as early as possible, the statement said.

The minister said the government has waived charges for issuing duplicate passbook, deposit receipt and charges for not maintaining the minimum balance and issuing fresh debit etc.

He pointed out that the government has also extended fresh consumption loan up to Rs 10,000 on a need basis and a moratorium on agricultural and MSME loans for one year.