Boost to banking sector in Arunachal: 38 new bank branches to open soon
First Published: 4th May, 2023 11:28 IST
Union Minister of State for Finance Bhagwat Kishanrao Karad made this all important announcement after he reviewed the financial schemes of the entire state
The banking and financial services sector in Arunachal Pradesh is expected to take a big leap as at least 38 new bank branches would be opened across the state in the next 6 months. Union Minister of State for Finance Bhagwat Kishanrao Karad made this all important announcement after he reviewed the financial schemes of the entire state during a special state-level bankers’ committee meeting held in Itanagar.
The Union Minister during the meeting, highlighted that every stakeholder must come forward and work tirelessly to realise Prime Minister Narendra Modi’s dream of the nation becoming a 5-trillion US Dollar economy.
Karad further said that banking activities will kick-start in all the unbanked areas through ‘bank correspondents’ and ‘Bank Mitra,’ as he said that out of the approximately 5,500 villages in the state, financial activities are being carried out in only 613 villages.
Besides, the Union MoS for Finance said that the 46 percent Credit Deposit (CD) ratio of the state has to be improved by giving financial assistance to agriculture sector, SHGs and youths groups. The Union minister added that more marts will be opened with the help of NABARD to help the women Self Help Groups to sell their products. Necessary instructions have also been given to the bankers to open bank accounts for all the people aged 18 years and above.
The minister also emphasized the need for organizing financial literacy campaigns in all uncovered areas.
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