India, July 6 -- Union Home and Cooperation Minister Amit Shah announced that the government will set up a cooperative life insurance company, expanding India's cooperative ecosystem into the financial services sector. The announcement was made during the 5th Foundation Day celebration of the Ministry of Cooperation in the national capital.

Shah said the proposed insurance company will be developed on the lines of the successful "Bharat Taxi" cooperative model, which he noted is performing well and will be expanded to 500 cities over the next two years. He said the initiative will further strengthen cooperatives by bringing them into the insurance and financial services space.

Highlighting the government's focus on cooperative expansion...