TR Zeliang inaugurates an Axis Bank branch in Jalukie and urges citizens to borrow and invest responsibly.
DIMAPUR — Deputy Chief Minister TR Zeliang inaugurated an Axis Bank branch in Jalukie under Peren district on Wednesday and called upon the people to honour their repayment commitments after availing loans from banks.
Speaking on the occasion, TR stated that successful banking depends not only on its management but also on the trust and cooperation of the community. According to an update, he noted that citizens should not look at banks as mere places of depositing and borrowing money but as financial partners.
Stating that banks play an important role in shaping the economy of the people, he maintained that the role played by banks in the development of rural and urban areas cannot be overstated.
He pointed out that women are already making significant contributions to household income and the local economy, and with appropriate access to credit, many women-led enterprises can grow substantially, while appealing to the bank to pay greater attention to women entrepreneurs and self-help groups.
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Zeliang also said that a statewide urban cadastral survey is necessary to generate clear and legitimate land identities. He said that by providing unambiguous, state-recognised Red Patta permits, the state government can empower indigenous entrepreneurs to legally leverage their land as a financial asset and unlock critical capital while remaining fully protected under Article 371A of the Constitution.
"Now that the SARFAESI Act officially applies to the state of Nagaland since December 10, 2021, I call upon the concerned authority for a cadastral survey of all town areas in the state and issue red patta permits so that deserving indigenous inhabitants of the state can avail loans from banks to meet their financial requirements for starting business and other economic activities," he said.
A cadastral survey is necessary because despite the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act being active in the state, the practical ability of local entrepreneurs to secure bank loans outside of Dimapur Mouza remains severely restricted, TR stated.
He added that currently, formal land documentation and the issuance of red patta (jamabandi) are confined to the Dimapur area, while all other land in the state falls under traditional tribal systems. Because of the lack of state-backed land titles, commercial banks often reject properties as valid collateral to secure loans.
The inaugural programme was attended by bank staff, government officials, and public leaders.