Mizoram Rural Bank briefs Governor on Bank performance

Aizawl, 1 March 22(ZRN): Governor Hari Babu Kambhampati met the head officials from the Mizoram Rural Bank (MRB) at the Raj Bhavan, this morning. Pu Vadde Jaya Chandra, Chairman, Pu C.Ramdinsanga, General Manager and other officials represented the MRB in this meeting.

Mizoram Rural Bank briefs Governor on Bank performanceGovernor Hari Babu Kambhampati was pleased to learn about the efforts of the MRB on financial inclusion initiatives for the people of Mizoram. He congratulated the MRB for having and maintaining the 9 lakh plus accounts in a state with a population of approximately 12 lakh. While appreciating the progress of banking services provided by the MRB, the Governor expressed his concern that most of the people in the state are still unaware of social security schemes that are freely available and being implemented through the banks.

In this connection, Governor urged the MRB and all other banks in Mizoram to do more on the awareness campaigns so that more and more people in the state would enroll in these beneficiary schemes. The governor specifically requested the banks in Mizoram to concentrate on giving awareness on schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY), an accidental insurance scheme that provides one year of accidental death and disability coverage with annual renewal, with only the minimum premium rate of Rs. 12/- per annum to benefit the poor and low-income section of the society and the Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) - available to people in the age group of 18 to 50 with a premium of only Rs. 330 per annum to provide risk coverage under this scheme at Rs. 2 Lakh in case of death of the insured, due to any reason.

He also mentioned other central government welfare schemes that are not being availed by people in Mizoram due to poor awareness campaigns. Taking opportunity of this meeting, Governor, once again urged all the banks in Mizoram to double their efforts in financial literacy and education of the beneficiaries on central Government’s Welfare schemes and advised the Bank officials to rope in the assistance from the YMA, the churches and other NGO’s.

As inquired by Governor Hari Babu Kambhampati, the MRB officials gave a detailed PowerPoint presentation on the performance and the services provided throughout Mizoram. The MRB has its headquarters in Aizawl. At present, the MRB has 97 branches across 11 districts in Mizoram. As of January 2022, the CD Ratio of the MRB is 58.39 % much higher than the average of the state and it is currently maintaining 2,53,097 PMJDY Accounts. The Market share of the MRB to the total deposits in Mizoram for the period 2020-21 is 29.88%. And this same period, the Market Share of MRB

to the Total Advances in Mizoram is 33.86%. The MRB is also by a huge margin, the best performing bank in Mizoram in the social security schemes as per the rank of the SLBC.

As per the presentation, the MZ Bank has the highest Productivity per Branch among all RRBs in the country.

In Advances Y-O-Y growth rate, the Bank stood 1st among SBI Sponsored RRBs and 2nd among all the RRBs in the country. The Bank’s productivity per staff is `14.11 crore, which is the highest among SBI Sponsored RRBs and 2nd highest among all RRBs in the country.

The Bank reported `38.55 crore Net Profit during FY 2020-21, which is the 2nd highest among all RRBs in North East. The MRB also shared its vision 2023 – to establish 300 Customer Service Points(CSPs), started on 01.04.2019, to have MRB Model Village Scheme for the adoption of one village in each of all 11 districts of the state to achieve 100% financial inclusion( 11 villages have already been adopted in phase - I and project are going on. MRB Model Village Scheme phase - II to cover another 11 villages.) and to establish 100 plus branches.

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