Regulators should be nimble-footed, should take decision fast: Gadkari
Taking a dig at undue delay in clearance of Surety Bond Insurance product at the regulators' end, Union road transport minister Nitin Gadkari on Monday said they should not take years to approve a small innovative scheme.
Talking about his personal experience with regard to getting approval for a surety bond insurance for infrastructure sector, he said, the IRDAI took three years to clear the product even after a lot of persuasion from the ministry.
The minister on Monday launched the country's first-ever surety bond insurance product for the infrastructure sector, which has been developed by Bajaj Allianz General Insurance.
Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority) from any loss.
"Insurance Regulatory and Development Authority of India (IRDAI) took three years to do (a) detail study of surety bond proposal. After three years, the regulator gave NOC ...