Governor give importance to Financial Literacy in the state

Aizawl, 7 March (ZRN): Governor Hari Babu Kambhampati held a discussion with top officials from the State Bank of India (SBI), Mizoram on how to increase the enrolment of more people in centrally sponsored social security schemes, today at the Raj Bhavan. In this meeting, Governor also appealed to the Bank officials to lend and assist more entrepreneurs and small scale business setups in the state.

Governor give importance to Financial Literacy in the stateAt the instance of the Governor, the officials from the State Bank of India, Mizoram detailed PowerPoint presentations on their normal bank operations and various schemes implemented through SBI. Governor Hari Babu Kambhampati expressed his appreciation for the SBI in its diverse approaches for achieving financial inclusion initiatives in the state. However, he explained that there is a majority of the population in the state who are still unaware of available social security schemes like – PMSBY, PMJJBY, APY, PMJY and other important schemes like – SUI, PMMY, PMEGP, KCC, MSME, etc. He insisted the Banks have the responsibility to educate their customers on all these beneficial schemes and that the customers should be the ones who will decide whether to enroll or not in these schemes. Governor also pointed out that the coverage of bank in some areas are still poor and requested the banks to extend their services in these areas as soon as possible. “In some areas like Chawngte Town, people are still queuing overnight to have an appointment with the bank. These people have the right to have financial services at their doorsteps. Banks, ATMs and other financial institutions should be urgently set up in these less developed areas if we are to achieve financial inclusion initiatives entitled to all the citizens”, he added.

He also had called for the need for proactive roles of the banks to entice more entrepreneurs and growth of small business setups in the state. In this connection, the Governor urged the SBI, Mizoram being the lead bank in the state to take up the leading role. He felt that the young entrepreneurs are not being encouraged enough at present and they are usually facing difficulties to meet their initial financial needs to set up their business. He also elaborates the need to encourage the youth of Mizoram to shift their ambition from government jobs to entrepreneurship as the viable solution to increase the state revenue.

As per the presentation, the SBI, Mizoram has 46 branches, 27 CSPs and 106 ATM Booths across the state. Currently, SBI, Mizoram is maintaining 3,20,357/- Saving Bank and Current Accounts with Rs 5,319.38 Crores in deposit( as of December 2021) and gave out Rs 2,264.26 Crores in advances ( as of December 2021). As of December 2021, it has a market share of 39.58% in deposit, 33.48% in advances and 30.16 % in Priority Sector advances.

In their appointment with Governor, Pu LP Lalchangkima, Regional Manager, Pi Lalnilawmi, Chief Manager & SLBC Coordinator, Pu Lalmawizuala Sailo, Chief Manager and other officials.

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