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 Home > City Resources > Finance > IRDA

 Insurance Regulatory and Developement Authority

Deshmukh asks Sinha to set up IRDA in Mumbai

Maharashtra Chief Minister Vilasrao Deshmukh has requested the union Finance Minister Yashwant Sinha to establish the Insurance Regulatory and Development Authority's (IRDA) headquarters in Mumbai. On November 17, 2000, Deshmukh was assisted by principal secretary, Johnny Joseph and special commissioner to the Maharashtra government in New Delhi, Dr Ajay Dua, at a meeting with Sinha in Delhi. During the meeting, Deshmukh reiterated his offer of providing free of charge, a plot of land admeasuring 1 hectare in the business district of the Bandra-Kurla complex, to set up the IRDA headquarters.

Deshmukh, made a strong plea to Sinha, to establish IRDA's headquarters in Mumbai, since Mumbai is the financial centre of India. ``The argument for establishing IRDA's headquarters in Mumbai, which Deshmukh put up before Sinha was that since Reserve Bank of India, Securities Exchange Board of India and most leading insurance companies have their headquarters housed in Mumbai, it was logical to set up IRDA's headquarters in Mumbai,'' said Nilima Pitke, an official of the Directorate General of Information and Public Relations.

Deshmukh has embarked upon a plan to establish Mumbai as an international financial centre in Asia. Implementing e-governance in the state administration is Deshmukh's highest priority. In the first week of October, 2000, Deshmukh had issued strict warnings to the state bureaucracy to pull up their socks, perform and facilitate foreign investment projects in Maharashtra.

While in Delhi, Deshmukh also urged Sinha to permit Urban Cooperative Banks and District Central Cooperative Bank in the state to invest in equity. Deshmukh requested Sinha to grant sanction to deposit money in the state-government controlled Maharashtra Cooperative Development Corporation (MCDC), which has been instrumental in the development of the cooperative movement in Maharashtra.

By : Mani D'Mello
Photgrapher : Uma Kadam


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