The Jalpaiguri Central Cooperative Bank, one of the oldest state-run cooperative banks in north Bengal, launched an insurance policy for small and medium shopkeepers on Tuesday. They can avail insurance coverage ranging from ₹1,000 to ₹1 crore by opening a bank account and depositing a nominal premium.

Sourav Chakraborty, chairman of the bank, said they have collaborated with two insurance companies — one government and one private — to extend the benefit, which has been named the “Business Guard Package Insurance Policy”.

“In recent years, we have witnessed several incidents of fire and natural disasters like flash floods in Alipurduar, Jalpaiguri, Cooch Behar districts and also in the Siliguri subdivision, which have caused severe losses to small and medium traders. Many affected shopkeepers were denied insurance benefits due to the absence of land documents, while some didn’t have any insurance coverage,” said Chakraborty.

“To address this longstanding issue, the cooperative bank has simplified the process. Shopkeepers will only need their Aadhaar card, PAN card and trade license to avail the insurance, for a minimum premium. This will help them after such unforeseen eventualities,” he added.

According to him, to enrol in the scheme, traders should open a current account with an initial deposit of ₹5,000 at the bank.

“The insurance will be renewed annually, and the premium structure is affordable. For example, a premium of 95 paise per year provides coverage of 1,000 rupees, while ₹9.50 offers coverage of ₹10,000 and an annual premium of ₹9,500 secures insurance coverage of up to ₹1 crore,” said the bank’s chairman.

The policy, a source in the bank said, will cover losses arising from fire, natural disasters, theft, robbery, loss of cash and even the death of the shop owner due to anaccident inside the shop premises.

“This is the first of its kind initiative among the cooperative banks across the state,” Chakraborty claimed.

The bank, he said, has conducted a survey in Cooch Behar, Jalpaiguri, Alipurduar districts and in the Siliguri subdivision of Darjeeling district and has found that there are around 38 lakh small and medium shops in these districts.

“We are focusing on these shops. The bank has initiated outreach efforts by coordinating with trade bodies, civic bodies and panchayats to spread awareness and encourage shopkeepers to enrol in the insurance scheme,” he said.

Representatives of trade bodies have welcomed the initiative.

“The inclusion of shopkeepers operating on roadsides, government land, or private property without ownership rights under the new scheme is a commendable step. We have suggested that the minimum deposit of ₹5,000 to open the current account should be reduced,” said Kishor Marodia, general secretary of North Bengal National Chambers of Commerce & Industries.