DIMAPUR — The Northeast Banking Conclave was organised by Ministry of Development for the North Eastern Region (NER), North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry on April 28 at New Delhi.
Union Minister of Development for the North Eastern Region, G Kishan Reddy, said the NER has unique challenges which require innovative practical solutions. He said “MSMEs are the backbone of the economy of region and rooted in the greater vision of Atmanirbhar Bharat,” an update stated.
[bsa_pro_ad_space id=1]“Banks should prioritise support and promote MSMEs and Start Ups in the North East,” he said, adding that the connectivity and transport infrastructure have improved in the region.
Union Minister of State, Ministry of Finance, Dr. Bhagwat Karad, in his address mentioned that the prime minister has decided to improve the per capita income of the people of the NER. “Government schemes on financial inclusion are doing well, there is an increase in credit growth by 85%, substantial improvement in CD ratio, which are good signs for the region,” he said, adding that the banking infrastructure needs to strengthen further including opening digital banks in the Northeast.
Addressing the delegates, B L Verma, Minister of State, Ministry of Development for NER, spoke about the various initiatives being taken by DoNER Ministry to improve per capita income in the Northeast. He added that banks and financial institutions play a critical role in implementing the financial inclusions.
Lok Ranjan, Secretary, Ministry of Development of the North Eastern Region said that there is a need for more directed resources for accelerated development of NER.
“It is necessary to tap into more financial resources for the NER. There is conscious effort to work with various stakeholders so that various resources are channelised towards the development of the NER. Would like to collaborate with banks to know the challenges in this journey of development of NER,” read the statement.
While proposing vote of thanks, PVSLN Murty, Chairman and Managing Director of NEDFi said this conclave was the brain child of DoNER Minister Kishan Reddy under whose leadership the MDoNER has accelerated the pace of development in Northeast. Murty also thanked BLVerma and Bhagwat Karad for sparing their valuable time. He also thanked all the secretaries, joint secretaries, chief secretaries, senior bankers and businessman for attending the conclave with their presence.