From Our Correspondent
NONGSTOIN: After many years, Shallang West Khasi Hills Distict , which is of the biggest commercial hubs of the state has drawn the attention of the banking sectors for investments.
It may be mentioned that a decade ago Meghalaya Rural Bank (MRB) was functional at Shallang. However due to the increase of militant activities here, the bank closed down in the year 2001after which no banking institution has operated in the area in spite of its role in business activities.
In this regard a meeting chaired by Deputy Commissioner of West Khasi Hills District S. Kharlyngdoh was attended by all the office heads of the district including Asst General Manager, Reserve Bank of India (RBI) Guwahati ,Pintun Sutar and nearly 60 headmen of the surrounding villages.
The meeting welcomed the district administration’s decision to set up new bank at Shallang market.
While addressing the meeting, Pintun Sutar Asst General Manager, Reserve Bank of India (RBI) said that after coming to learn that there is no banking facilities at Shallang , the RBI has instructed the United Bank of India (UBI) to set up new branch there. In this connection the Regional Manager UBI has conducted survey at Shallang and also taken a private residential house on rent. The UBI is preparing all facilities to be installed in the new branch and the same will be functioned shortly.
He also briefed the meeting how to avail banking loans. Banking institutions are run and managed on public investments and when loans borrowed are not repaid, the institution cannot function properly, he added.
