- Ezrela Dalidia Fanai, NET Correspondent, Mizoram
The Mizoram Governor – Dr Hari Babu Kambhampati today at Raj Bhavan held a meeting with the officials from the State Bank of India (SBI), to discuss on measures for enhancing the number of individuals enrolled in centrally sponsored social security schemes.
The Governor also urged Bank officials to lend and assist more entrepreneurs and small business owners in the state.
Officials from the State Bank of India presented a PowerPoint presentation on their normal bank operations and various SBI-sponsored schemes at today’s meeting.
The Governor praised the SBI for its innovative ways to advancing financial inclusion activities in the state. However, he stated that the majority of the state’s population is still uninformed of various social security schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Atal Pension Yojana (APY), and Pradhan Mantri Jan Dhan Yojana (PMJDY), as well as other significant schemes like as Start-Up India (SUI), Pradhan Mantri MUDRA Yojana (PMMY), Prime Minister’s Employment Generation Programme (PMEGP), Kisan Credit Card (KCC), Micro Small and Medium Enterprises (MSMEs), and others.
He stressed that banks have a responsibility to educate their consumers about all of these advantageous schemes and that it is up to the customers to decide whether or not to enroll in them.
The Governor also noted that bank coverage in some places is still limited, and he urged banks to expand their services as soon as possible in these areas.
“People are still queuing overnight in certain regions, such as Chawngte Town, for a bank appointment. These persons have a right to financial services delivered to their homes. If we are to achieve financial inclusion measures that benefit all residents, banks, ATMs, and other financial institutions must be established as soon as possible in these less developed areas.” he added.
He also emphasized on the importance of banks taking aggressive roles in encouraging more entrepreneurs and the growth of small business establishments in the state. In this regard, the Governor requested the State Bank of Mizoram, which is the state’s lead bank, to take the lead.
“Young entrepreneurs are now under-supported, and they frequently struggle to satisfy their early financial needs while starting a business.” he further added.
He also remarked the need to encourage the Mizoram youth to move their ambitions away from government positions and toward entrepreneurship as a feasible way to boost the state’s revenue.
According to the presentation, the State Bank of Mizoram has 46 branches, 27 CSPs, and 106 ATM Booths around the state. SBI Mizoram now has 3,20,357/- Savings and Current Accounts with Rs 5,319.38 Crores in deposits (as of December 2021) and has disbursed Rs 2,264.26 Crores in advances ( as of December 2021).
Meanwhile, it has a market share of 39.58 percent in deposits, 33.48 percent in advances, and 30.16 percent in Priority Sector advances as of December 2021.