Members of the All India Insurance Employees’ Association (AIIEA) conducted a signature campaign to bring forth the public opinion in Kadapa on Sunday on the Union Government’s proposal to allow 100 per cent Foreign Direct Investment (FDI) in the insurance sector.
The event was formally inaugurated by Revolutionary Communist Party (RCP) State secretary Ravishankar Reddy at a public park. The event was conducted under the leadership of AIIEA zonal working committee member Akbar Basha, where leading personalities such as Tourism Department’s retired Director P. Gopal, noted medical professional Mahaboob Basha and Yogi Vemana University (YVU) College principal Raghunatha Reddy affixed their signature.
The leaders openly extended their support to Life Insurance Corporation (LIC) of India, known for its ‘credibility and social responsibility’, over what they called the ‘failed foreign insurance companies’.
LIC union leaders A. Raghunatha Reddy and Sudheekar termed the hurried manner in which the Central government reportedly tried to push through the Insurance Act Amendment Bill in the Parliament, as ‘undemocratic’ . Several clauses in the Bill were against the spirit of nationalisation and some against the interests of the policyholders, said Mr. Raghunatha Reddy.
Bank union leaders pointed out that the Public Sector Undertakings (PSUs) had a great role in saving the economy during the 2018 recession, and called for strengthening of the public sector.
Published – February 23, 2025 07:40 pm IST