Calls for expanded banking services and greater access to credit in the Northeast were made at Bankers’ Conclave 3.0 at Mizoram University. MoS Majumdar called for financial inclusion across the region and closer coordination between banks and state governments.
Sukanta Majumdar, Minister of State for Development of North Eastern Region and Education, called for the rapid expansion of banking services, improved access to credit and closer coordination between banks and state governments at North East Bankers’ Conclave 3.0, held at Mizoram University. He also stressed the importance of promoting financial inclusion to support economic growth in the region.
As financial inclusion progressed, 131 new branches were opened and 126 ATMs installed in the Northeast. Of the 9,479 identified villages, 6,905, or approximately 73%, are connected to a banking outlet or IPPB.
In terms of the credit-to-deposit ratio, Manipur and Assam were said to be close to or above the national average of approximately 79.5%, while the other northeastern states, including Mizoram, were reported to be lagging. To create investment opportunities in urban areas, proposals included bank-specific lending targets, regular SLBC reviews, improvements to land registration, expanded Aadhaar linkage for CASA accounts and greater participation in PM SVANidhi.
Majumdar called on local authorities and banks to set clear deadlines and accelerate implementation, noting that 2,574 villages remained unconnected, of which 2,515 were to be connected through IPPB and 59 through physical branches. He also cited shortages of buildings, roads that become difficult to use in bad weather and communications infrastructure as challenges, and called for sites for new branches to be brought into operation quickly. In line with the six-point roadmap from North East Bankers’ Conclave 2.0, he further stressed the expansion of banking infrastructure suited to local conditions and the wider adoption of universal direct benefit transfers. The strategy includes lowering the population threshold to 2,000 on a cluster basis. He concluded that stronger banking infrastructure and expanded access to credit would create opportunities and support sustainable growth in the region.