Hek open North East’s first Small Finance Bank

SHILLONG: The Shillong branch of the North East Small Finance Bank was inaugurated by Health and Family Welfare Minister AL Hek here in the city on Tuesday.
Speaking on the occasion, Hek while congratulating the authorities of the bank said apart from creating job opportunities, the bank would also result in creating entrepreneurs.
He also suggested the bank to ensure that fund flow, be it deposits or withdrawals and loans are maintained for the win-win situation of both the bank and the customers.
On September 16, 2015, the Reserve Bank of India had awarded the “in-principle approval” to set up Small Finance Bank (SFB) to 10 financial institutions, including RGVN (North East) Micro Finance Limited.
North East Small Finance Bank was the only institution from the region to receive this recognition to establish Small Finance Bank.
The main objective behind setting up small finance bank by RBI was to drive the objective of financial inclusion by making provision for savings and to provide credit to small business units, small and marginal farmers, micro and small industries and other unorganised sector entities, through high-end technology, low cost operations.