Meghalaya: Govt signs MoU to ease banking services in rural areas

In a bid to provide banking assistance to workers, farmers, old-age pensioners and various beneficiaries of government schemes in unbanked areas, the Finance Department of Meghalaya government signed a memorandum of understanding (MoU) with Meghalaya Rural Bank (MRB) on Tuesday.

Signed in the presence of Chief Minister Conrad K. Sangma between Commissioner and Secretary, Finance Department, Dr. D. Vijay Kumar and Chairperson Meghalaya Rural Bank, Naingkhangvung Guite, General Manager, OIC NABARD, Tshering Deki, the MoU will support 600 business correspondents (BCs) across the state.

The BCs are representatives of banks in rural and unbanked areas who provide customers with basic banking services such as opening of accounts collecting small deposit amounts, disbursing small credits, among others.

Speaking on the sidelines of the MoU, the Chief Minister said, "This will help the state achieve its objective of financial inclusion, and also in transferring the financial benefits of the state as well as the Central Government directly into the bank accounts of the eligible beneficiaries in unbanked areas."

The MRB will be supported by the state government in deploying 600 BCs across the state and will be given micro ATMs, a statement issued after the singing read. The micro ATMs will help dispense cash payments at the doorsteps of the customers, focusing on the unbanked Village Employment Councils (VECs) and villages identified by the State Government, the release added.

This initiative will help benefits of government schemes such as Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) and Prime Minister Kisan scheme, among others.

(Edited by Shankar Kumar Turha)

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