Manipur Information Centre
NEW DELHI, Oct 4: One-day Special Summit on Banking, Industries and Credit Issues in the North Eastern Region with an emphasis on financial inclusion was held today at Vigyan Bhawan here under the aegis of the Union Ministry for the Development of North Eastern Region.
In the inaugural session, Ms. Usha Thorat, Deputy Governor of Reserve Bank of India spoke on ‘Financial Sector Plan for the NE region’, O.P.Bhatt, Chairman of State Bank of India on ‘Overview of the banking and credit issues in the NE Region’ and Abhijit Sharma of Indian Institute of Bank Management, Guwahati on ‘Issues of Financial Inclusion of the NE Region’. Thereafter, the Chief Ministers or Finance Ministers or its representatives of North Eastern States delivered the issues concerning to banking, industries and credit in their respective states.
T.N.Haokip, Manipur Minister of Public Health Engineering/ Information/ Tourism who represented the Manipur Chief Minister emphasized the need for providing foreign exchange facilities in Manipur for catering to the trans-border trade at Moreh. He reminded that the State Government had already proposed to the Reserve Bank of India for setting up the facilities at the State Bank of India (SBI), Imphal Branch and two other selected branches of other banks at Imphal, a SBI or United Bank of India (UBI) branch located at each District HQ and the UBI, Moreh Branch.
The Manipur Minister stressed the urgent need for establishment of more currency chests at strategic locations in Manipur. He said that two district Head Quarters in the State namely Imphal East and Bishnupur were without RBI currency chests. The branches of SBI at Bishnupur and the proposed branch of SBI at Imphal East might be provided with the currency chests so that RBI Currency Chests were established at all the District HQs. Moreover, local banks like Manipur Rural Bank (MRB), Keishampat Branch and Manipur State Cooperative Bank, Imphal Branch might also be permitted to install currency chests, he added.
He mentioned that Moreh had been emerged as a trans-border trade centre between India and Myanmar. There would be bus services from Moreh to Mandalay in Myanmar. He said, “The main facility extended by the UBI branch at Moreh presently is to receive deposits for money transfers to Imphal and elsewhere. As such, the chest capacity remains fully utilized for most of the time particularly due to inconvenience of remitting the surplus cash to Imphal on surface transport. Therefore, there is a need to upgrade the chest capacity suitably as also to resolve the problem of remittance of cash from the branch regularly”.
He said that the Manipur had 94 bank branches, out of these 9 branches of Manipur Rural Bank (MRB) were not functioning. Only 85 bank branches were operational. Manipur had the highest Average Population per Branch Office (APPBO) amongst all NE States. In 2005, the APPBO of Manipur was 29791, which was alarmingly high in comparison to the National Average (14949) and NER Average (19885).
He also pointed out that out of 41 blocks in Manipur, 20 blocks were without bank. Low branch network had affected the per capita deposits and opening of the Deposits and Credit accounts in the State. With the inadequate banking services in Manipur, the State could hardly cope up with the increasing demands of banking and credit facilities. The state had already presented the case to the Reserve Bank of India and the approvals had not yet come out.
The Minister stated, “It needs to be stressed that in underdeveloped areas of North East Region, banking has to be seen not only as a commercial activity but as a social service too for a certain gestation period. It is, therefore, a mandate for the banks, too, to bear some cost in achieving the objectives of equitable national development. The State Government is of the view that the cost of security should not be a hindrance for banks to come forward in opening new branches”.
He further stated that considering the importance of the Regional Rural Banks(RRB) for developing the rural economy as well as to ensure adequate flow of institutional credit to the rural and agricultural sector, the Government of India in 2007-08 decided to recapitalize 29 RRBs located in 16 States having a total negative net worth of cover their losses. Manipur Rural Bank, the lone RRB in the State was among them. A revival plan had been put in place with infusion of fresh capital and of its share the State Government had released a sum of Rs.120 lakhs and the balance amount (Rs.75.25 lakhs) would be released shortly.
Manipur Rural Bank had been opening with a network of 27 branches spread over in all the 9 districts of the State. Out of 27 branches, 9 rural branches were not functioning for a long time. It needed to be revived on priority and the state government was committed to provide necessary assistance for furthering the business for the MRB, he added.
In his address, Mani Shankar Aiyar, Union Minister of DoNER said that North Eastern States had huge potential for its economic development. Existing non-formal banking system of the region should be fully utilized. The Centre earmarked Rupees 14 lakh crore for NER vision 2020 and the banking sector should play a major role in translating the vision into the reality.
In his address, P.Chidambaram, Union Finance Minster stated that intermediary agencies should be developed for effective operation of the non-formal banks. The banks should play both pioneering role and facilitator role in the NE Region for economic growth. He expressed the willingness for opening more currency chests in NE States if the state governments had provided security.
Source: http://ifp.co.in
NEW DELHI, Oct 4: One-day Special Summit on Banking, Industries and Credit Issues in the North Eastern Region with an emphasis on financial inclusion was held today at Vigyan Bhawan here under the aegis of the Union Ministry for the Development of North Eastern Region.
In the inaugural session, Ms. Usha Thorat, Deputy Governor of Reserve Bank of India spoke on ‘Financial Sector Plan for the NE region’, O.P.Bhatt, Chairman of State Bank of India on ‘Overview of the banking and credit issues in the NE Region’ and Abhijit Sharma of Indian Institute of Bank Management, Guwahati on ‘Issues of Financial Inclusion of the NE Region’. Thereafter, the Chief Ministers or Finance Ministers or its representatives of North Eastern States delivered the issues concerning to banking, industries and credit in their respective states.
T.N.Haokip, Manipur Minister of Public Health Engineering/ Information/ Tourism who represented the Manipur Chief Minister emphasized the need for providing foreign exchange facilities in Manipur for catering to the trans-border trade at Moreh. He reminded that the State Government had already proposed to the Reserve Bank of India for setting up the facilities at the State Bank of India (SBI), Imphal Branch and two other selected branches of other banks at Imphal, a SBI or United Bank of India (UBI) branch located at each District HQ and the UBI, Moreh Branch.
The Manipur Minister stressed the urgent need for establishment of more currency chests at strategic locations in Manipur. He said that two district Head Quarters in the State namely Imphal East and Bishnupur were without RBI currency chests. The branches of SBI at Bishnupur and the proposed branch of SBI at Imphal East might be provided with the currency chests so that RBI Currency Chests were established at all the District HQs. Moreover, local banks like Manipur Rural Bank (MRB), Keishampat Branch and Manipur State Cooperative Bank, Imphal Branch might also be permitted to install currency chests, he added.
He mentioned that Moreh had been emerged as a trans-border trade centre between India and Myanmar. There would be bus services from Moreh to Mandalay in Myanmar. He said, “The main facility extended by the UBI branch at Moreh presently is to receive deposits for money transfers to Imphal and elsewhere. As such, the chest capacity remains fully utilized for most of the time particularly due to inconvenience of remitting the surplus cash to Imphal on surface transport. Therefore, there is a need to upgrade the chest capacity suitably as also to resolve the problem of remittance of cash from the branch regularly”.
He said that the Manipur had 94 bank branches, out of these 9 branches of Manipur Rural Bank (MRB) were not functioning. Only 85 bank branches were operational. Manipur had the highest Average Population per Branch Office (APPBO) amongst all NE States. In 2005, the APPBO of Manipur was 29791, which was alarmingly high in comparison to the National Average (14949) and NER Average (19885).
He also pointed out that out of 41 blocks in Manipur, 20 blocks were without bank. Low branch network had affected the per capita deposits and opening of the Deposits and Credit accounts in the State. With the inadequate banking services in Manipur, the State could hardly cope up with the increasing demands of banking and credit facilities. The state had already presented the case to the Reserve Bank of India and the approvals had not yet come out.
The Minister stated, “It needs to be stressed that in underdeveloped areas of North East Region, banking has to be seen not only as a commercial activity but as a social service too for a certain gestation period. It is, therefore, a mandate for the banks, too, to bear some cost in achieving the objectives of equitable national development. The State Government is of the view that the cost of security should not be a hindrance for banks to come forward in opening new branches”.
He further stated that considering the importance of the Regional Rural Banks(RRB) for developing the rural economy as well as to ensure adequate flow of institutional credit to the rural and agricultural sector, the Government of India in 2007-08 decided to recapitalize 29 RRBs located in 16 States having a total negative net worth of cover their losses. Manipur Rural Bank, the lone RRB in the State was among them. A revival plan had been put in place with infusion of fresh capital and of its share the State Government had released a sum of Rs.120 lakhs and the balance amount (Rs.75.25 lakhs) would be released shortly.
Manipur Rural Bank had been opening with a network of 27 branches spread over in all the 9 districts of the State. Out of 27 branches, 9 rural branches were not functioning for a long time. It needed to be revived on priority and the state government was committed to provide necessary assistance for furthering the business for the MRB, he added.
In his address, Mani Shankar Aiyar, Union Minister of DoNER said that North Eastern States had huge potential for its economic development. Existing non-formal banking system of the region should be fully utilized. The Centre earmarked Rupees 14 lakh crore for NER vision 2020 and the banking sector should play a major role in translating the vision into the reality.
In his address, P.Chidambaram, Union Finance Minster stated that intermediary agencies should be developed for effective operation of the non-formal banks. The banks should play both pioneering role and facilitator role in the NE Region for economic growth. He expressed the willingness for opening more currency chests in NE States if the state governments had provided security.
Source: http://ifp.co.in
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