An MoU was signed between the Finance Department, Government of Meghalaya and Meghalaya Rural Bank (MRB) on August 31, 2021, in presence of Chief Minister Conrad Sangma to support 600 Business Correspondents (BCs) across the State.
The MoU was signed between Dr D. Vijay Kumar, Commissioner and Secretary, who represented the Finance Department, Govt. of Meghalaya and Tshering Deki, Chairperson Meghalaya Rural Bank, Naingkhangvung Guite, General Manager, OIC NABARD.
“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 Chief Minister informed.
The MoU will address the fundamental problem of access to finance in the rural/remote areas of the State. The BCs will be supported through Business Correspondent Agents (BCAs) of BAKDIL/MSRLS/ICVS/CSC and other BCs of MRB.
The State Government will support MRB in deploying 600 BCs across the State. The BCs will be given micro ATMs.
The micro ATMs will be helpful in dispensing cash payments and cash payments at the doorsteps of the customers, focusing on the unbanked Village Employment Councils (VECs) and villages identified by the State Government.
The BCs will be responsible for the opening of accounts and promoting other banking services.
This initiative will be beneficial in rural and unbanked areas particularly for the collection of deposits and withdrawals, making payments to MGNREGA workers, old age pensioners, PM KISAN beneficiaries and other customers.