Sitharaman chairs meeting of banks, insurance firms; reviews preparedness for cyclone Biparjoy

New Delhi: Finance Minister Niramala Sitharaman on Wednesday chaired a meeting of managing directors of public sector banks and insurance companies to review their preparedness in view of cyclone 'Biparjoy'.

Categorised as a "very severe cyclonic storm", 'Biparjoy' is expected to make landfall in the Gujarat coast Thursday.

"MDs from the banks & insurance companies provided a detailed update on the precautionary measures for the #CycloneBiparjoy. During the meeting, Smt @nsitharaman stated that all Disaster Management protocols should be followed and staff should be made aware of it," the finance ministry said in a series of tweets.

The India Meteorological Department has said that cyclone 'Biparjoy', which is forecast to cross close to Jakhau Port on the evening of June 15, has “extensive damaging potential” and is likely to impact Kutch, Devbhoomi Dwarka and Jamnagar districts of Gujarat the most.

"She stated that banks and insurance companies should ensure that the staff get adequate care, food and medicine during #CycloneBiparjoy. She said that the claims originating from loss of life, fisheries, livestock, crops, boats, & property should be settled expeditiously," another tweet said.

The meeting via video conference was attended by Department of Financial Services Secretary Vivek Joshi, along with other senior officials.

"Smt @nsitharaman emphasised that banking services should be restored at the earliest post-cyclone to provide ease to the citizens. She emphasised that Banking Correspondents should be available & cash availability should be ensured, especially where ATM restoration may take time," the finance ministry said.

In view of the cyclone, the minister emphasized the importance of bank officials collaborating with district authorities for effective coordination. Protecting documents and sensitive information was also highlighted in the meeting as a crucial priority for banks.

"Officials from banks and insurance companies assured Smt @nsitharaman that all necessary steps would be taken to effectively mitigate any potential damage and will ensure quick restoration of banking services," the ministry said.