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Meghalaya signs MoU to ease banking services in rural areas

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.

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Shillong: The Meghalaya government on Tuesday signed a Memorandum of Understanding with Meghalaya Rural Bank to support 600 Business Correspondents (BCs) across the State.

The MoU was signed between Commissioner and Secretary Finance department, Dr D. Vijay Kumar and Chairperson of Meghalaya Rural Bank, Tshering Deki and National Bank for Agriculture and Rural Development (NABARD) General Manager, Naingkhangvung Guite in presence of Chief Minister Conrad Sangma.

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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.

According to an emailed statement issued by the Chief Minister’s Office stated that 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 payment 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 statement said, adding that the BCs will be responsible for opening of accounts and promoting other banking services.

“This initiative will be beneficial in rural and unbanked areas particularly for collection of deposits and withdrawals, making payment to MGNREGA workers, old age pensioners, PM KISAN beneficiaries and other customers,” the statement stated.

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