Financial regulation To begin with, there will be a few comments on the addresses delivered today and then some reference to the IDRBT. Shri C. S. Rao, Chairman, Insurance Regulatory and Development Authority (IRDA) emphasised the synergy that is developing between banking and insurance. There are two elements here - one from the macro-side and the other from the operational or the micro-side.
India’s contractual savings and long-term savings are rather low, which is why we are not able to invest heavily in infrastructure, and that is the macro part where insurance has a critical role. The second part is that much of business in our country is not really covered by insurance.