State nears 100% financial inclusion coverage; digital transactions surge

SHILLONG, July 2: Meghalaya has achieved 98 per cent financial inclusion coverage, with efforts under way to connect every eligible citizen to the formal banking system, SBI Chief Manager (Financial Inclusion) H Khongsai said on Thursday.
Speaking at a “Varta” on financial inclusion and digital empowerment organised by the Press Information Bureau (PIB) Shillong, Khongsai stated that the state has made significant progress in expanding banking services to rural and remote areas.
All towns and villages with a population of 5,000 and above are now covered by banking services, while smaller hamlets are served through fixed and mobile Customer Service Points (CSPs).
“As of May 31, 2026, we have achieved 98 per cent coverage of account holders. Our goal is 100 per cent access for every eligible citizen,” Khongsai said, adding that the focus has shifted from merely opening accounts to ensuring the active use of insurance, credit, and digital payment services.
SBI Deputy General Manager Ejaz Ahmad reported that Meghalaya had 9.99 lakh Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts as of March 31, 2026, with SBI accounting for 3.55 lakh.He noted a surge in digital activity, with the state recording 32.76 crore digital transactions during FY 2025-26.
RBI Shillong General Manager and Officer-in-Charge Olden Nongpluh attributed this transformation to the Jan Dhan-Aadhaar-Mobile (JAM) Trinity and Direct Benefit Transfer (DBT) systems. He informed that 98 per cent of account holders in Meghalaya now use at least one digital transaction mode. To support this, 16 Centres for Financial Literacy are operating across 55 Community Development Blocks, reaching over seven lakh people.
During a panel discussion, The Shillong Times Editor Patricia Mukhim stressed that financial literacy must reach rural areas through local languages and be integrated into school curricula. Dr. Neelam Rani of IIM Shillong noted that while access has improved, the next phase must address gender disparities and improve the meaningful usage of financial services.
RBI Deputy General Manager Hangsha Dhar Daimari warned that awareness is the best defence against cyber fraud, calling for stronger collaboration between banks and communities. State Level Bankers’ Committee (SLBC) Chief Manager Shemphang Lyndoh highlighted the need to strengthen the Business Correspondent network to ensure digital onboarding leads to responsible banking.
The event, attended by banking officials, academics, and journalists, also included a medical camp organised by NEIAH Shillong.