A High Level delegation led by the Union Minister of State(Finance), Pon. Radhakrishnan will visit Kerala today and review the relief measures and rehabilitation efforts being undertaken by the Banks and Insurance Companies in the State of Kerala in the light of the large scale devastation caused by the recent floods in the State.

The delegation would comprise of senior officers from the Central Government including the Additional. Secretary, Shri Debashish Panda and Economic Advisor, Shri N. Srinivasa Rao from the Department of Financial Services, Ministry of Finance.  Chairman and Managing Directors from the Public Sector Banks (PSBs) and Insurance Companies including Agriculture Insurance Co. of India Ltd., and NABARD would also be present in the meeting along with the senior officers from the State Government and other concerned agencies.

Various relief measures pertaining to re-opening of all submerged/flood affected Bank branches and ATMs, exchange of Soiled / mutilated / defective currency and extension of loan repayment period etc have already been initiated by all the Banks.  All Insurance Companies have also started processing various flood related claims to ensure expeditious settlement.  They have already established Special Camp Offices, deployed additional Surveyors and waived document requirements etc. for speedier claims payment so that quick relief is ensured to the affected people.

Widespread publicity is being given about the various relief measures being undertaken, about setting-up of Facilitation Centres and appointment of Nodal Officers in the vernacular newspapers/electronic media for ensuring that maximum relief benefits are availed by the affected population.

Disaster relief measures: financial sector review of banks' and insurers' operational steps to expedite customer assistance and claims. A central delegation will assess coordinated relief measures by banks and insurers after extensive flood damage, focusing on re opening affected branches and ATMs, exchange of soiled currency, extension of loan repayment periods, expedited insurance claim processing through special camp offices, deployment of additional surveyors, relaxed documentary requirements, and the establishment of facilitation centres and nodal officers to publicise and deliver relief.