SHILLONG: The Meghalaya Rural Bank (MRB) launched as many as 11 new branches in the State at one go on Friday. Ranked as one of the best rural banks in the country, the MRB was lauded by Chief Minister Dr Mukul Sangma, who inaugurated the new branches online, for attaining a higher credit deposit (CD) ratio.
“It is really great to see the MRB maintain a CD ratio of 44 per cent when the average rate is only 25 per cent. I am sure the bank has the 50 per cent range as its target,” Dr Sangma said after inaugurating the branches at the State Convention Centre here.
The 11 branches will open in Laban, Mawiong, Mihmyntdu, Chutwakhu, Nongrah, Zeropoint, Nongdein, Phulbari, Garobadha, Mahendraganj and Mawhati.
The Chief Minister also appreciated the fact that in the last three years, the bank has opened 21 new branches and managed to create employment opportunities through them.
At a time when the Government is trying its best to find job spaces for the potential youth, Dr Sangma said the MRB has been able to absorb as many as 100 youths from the State in their new branches.
While pointing out that the bank is making a late entry to Garo Hills, Dr Sangma, however, appreciated the MRB for trying to reach out to the most difficult areas like Mahendraganj.
The Chief Minister also urged upon the bank to partner with the Government sponsored programme aimed to bring about economic empowerment of women through financial inclusion even as he advised the banking institutions operating in the state to take keen interest in the different schemes initiated by the government in transforming rural economy in far flung areas of the state.
Sangma said, “Banking institutions, especially those having the largest share of banking networks in the state, should work together with the state government in implementing the schemes routed through the different line departments for improving the livelihood activities in the rural areas.”
Meanwhile, MRB chairman Mukul Ch. Jeishi said that the bank has the second largest banking network in the state.
“Its presence is particularly in the Khasi and Jaintia Hills region,” Jeishi said.
Talking about the minimal number of branches launched in Garo hills, Jeishi said, “The Bank is trying hard to catch up after having making a late entry subsequent to the extension of its jurisdiction to all parts of the state in 2007 and two more branches will be opened in Ampati and Resubelpara.”
According to the Chairman the bank’s priority is to serve the remote areas of the State as part of its policy of financial inclusion.
“Meghalaya Rural Bank has been assigned the responsibility for bringing about financial inclusion of more than 1200 villages across the state,” the MRB chairman informed.
