EMN
Dimapur, February 12
Nagaland State Cooperative Bank (NSCB), Mon Branch, added another feather to its hat by becoming the first department to organise an official programme since the establishment of Totok Chinglen village.
As part of directive from the Nagaland Agricultural Bank and Rural Development (NABARD), NSCB, Mon branch, organized a Financial Literacy Camp (FLC) in Totok Chinglen village under Mon RD Block on February 8. The FLC was supported under Financial Inclusion Fund (FIF) managed by NABARD.
NSCB, Mon Branch Manager, W Chemkai Konyak, in his keynote address and also as resource person, shared about various types of deposit schemes such as savings, different types of term deposit, zero balance or ‘no frill’ account for the poor, agricultural loan extended to the JLG and cooperative societies for uplift of rural economy, loan interest @ 7% to women SHGs, importance of timely recovery, availability of facility like RTGS/ NEFT at NSCB.
He also explained in detail about the social security schemes viz. PMSBY and PMSJJBY insurance schemes implemented in NSCB like any other nationalized bank. He assured every possible help to uplift the socio-economic status of the nascent village.
District Programme Coordinator (financial inclusion) NSRLM, Mon district, Rajuselie Lhousa, as resource person in the programme, spoke on importance of regular practice of the 5 cardinal principles of SHG in order to experience the benefit of working in group as well as to bring economic growth and progress among the SHG members. He also shared on the need of compulsory opening of Saving Bank Account by every SHG member.
He advised the villagers to maintain every activity of the village in written record such as population (birth and death) register, household, voters, BPL, pension with accuracy.
He strongly felt that a new administration of a community have brighter prospect to initiate fair practices and put up every social systems in order. He was also of the view that government would not always look on the size of community but the community maintaining accuracy and being faithful in implementing government programmes. He appealed the gathering to live up as a model village, beginning from maintaining merit relation with the banks.
Village council chairman, Yeangyam Konyak, disclosed that NSCB is the first department to have come to organize an official programme in the newly established village. He said Totok Chinglen village was recognized by the State government and inaugurated on April 3, 2012.
There are 107 household with a population of 741. It is situated 15 KM away from Mon town towards Aboi town. Invocation prayer was pronounced by pastor, Shelung Konyak, while the benediction was said by Shonglem Konyak, women secretary and SHG leader.
Citizens’ Factfile: What is a cooperative bank?
Banks in India can be broadly classified under two heads — commercial banks and co-operative banks. While commercial banks (nationalised banks, State Bank group, private sector banks, foreign banks and regional rural banks) account for an overwhelming share of the banking business, co-operative banks also play an important role.
Initially set up to supplant indigenous sources of rural credit, particularly money lenders, today they mostly serve the needs of agriculture and allied activities, rural-based industries and to a lesser extent, trade and industry in urban centers. Co-operative banks have a three tier structure—primary (agriculture or urban) credit societies, district central co-operative banks and at the apex level, state co-operative banks.
