By Our Reporter
SHILLONG, Jan 11: The Shillong branch of the State Bank of India (SBI) on Sunday marked a century of uninterrupted banking service, with Lok Sabha member Ricky AJ Syngkon drawing attention to the continuing lack of access to formal financial services in many villages across Meghalaya.
The centenary celebrations were held at the Soso Tham Auditorium, where customers, stakeholders and members of the public gathered to commemorate the branch’s long-standing contribution to the economic and social life of the region.
Addressing the programme, Syngkon described the occasion as one of thanksgiving, acknowledging the efforts of past and present employees whose work, he said, had sustained the institution for generations.
He noted that in a hilly and predominantly rural state like Meghalaya, banking goes far beyond routine financial transactions.
A bank branch established a hundred years ago, he said, effectively became the first bridge between remote communities and the national economy, making the centenary of the Shillong branch a symbol of resilience, continuity and service.
Referring to studies from around five years ago, the MP pointed out that nearly half of Meghalaya’s population still lacked access to formal financial services. He attributed this largely to the concentration of bank branches in Shillong and a few other districts, coupled with difficult terrain and scattered villages that make outreach challenging.
In this context, he said that SBI has played a transformative role, often being the first formal institution through which people accessed savings accounts, credit facilities and government welfare schemes.
Syngkon highlighted that as India’s largest bank, SBI operates thousands of rural branches nationwide and has expanded its reach through business correspondents, including in the Northeast and Meghalaya.
He said initiatives such as Jan Dhan accounts and social security insurance schemes have helped bring sections of the population into the formal financial system, with the Shillong branch standing as a witness to generations of such engagement.
However, he cautioned that significant gaps remain, particularly in last-mile financial inclusion in interior villages that continue to be underserved.
While acknowledging that some villages have been identified for coverage, Syngkon expressed hope that these targets would be translated into reality in the coming years, while ensuring that the next phase of the bank’s journey is defined by deeper and more inclusive outreach across the state.
