IMPHAL, JULY 19: Mercina R Panmei, Director, Directorate of Institutional Finance(DIF) one of the smallest Directorates that functions under the Finance Department is playing a vital role in increasing number of bank branches and ATM booths in Manipur.
Stating that the number of bank branches and ATM booths in Manipur has increased many folds in the recent past under the initiative of DIF, Director Mercina while speaking with journalists on Tuesday said that there are 26 banks with 178 branches and 293 ATMs in Manipur as on March, 2016. Some districts have low numbers of ATM booths which is due to poor connectivity, unavailability of internet facilities.
Some banks have already opened branches in six unbanked blocks of Thanlon, Lanva, Saitu Gamphajol, Tengnoupal, South Lamka and Island Blocks and remaining 21 unbanked blocks are yet to opened, she said adding that the Directorate has taken up construction of integrated infrastructures in 27 unbanked blocks under Tribal Area Inclusive Growth Project.
The Directorate has played an important role in taking decision to introduce ECScredit as the only mode of drawal of salary and personal entitlements for all employees. Since 2011 the department introduced e-payment in Manipur hence all payments by the State Government have been made electronically to the accounts of beneficiaries. 11 bank branches were introduced to address the scheme of Financial The scheme deals with the cases where banks on their own do not find commercially viable to open branches and RBI bears one time cost and recurring cost for five years while the State government provides premises, security for the branch and rental accommodation for the staffs. Poor recovery of loans, especially those under Government sponsored schemes and default by borrowers act as a deterrent for granting fresh loans. Under the initiative of this Directorate, the Manipur Public Demand Recovery Act, 2003 has been enacted for speedy recovery of loans in Manipur.
