SHILLONG, Aug 31: The state Finance department, on Tuesday, signed a Memorandum of Understanding (MoU) with Meghalaya Rural Bank (MRB) to support 600 Business Correspondents across the state, with emphasis on providing ease of banking services in rural areas.
The MoU was signed by Dr D Vijay Kumar, Commissioner and Secretary, who represented the Finance department, and Tshering Deki, chairperson of MRB, and Naingkhangvung Guite, General Manager, OIC NABARD.
Chief Minister Conrad Sangma, who was present during the signing of the MoU, said, “This will help the state achieve its objective of financial inclusion, and also in transferring the financial benefits of the state as well as the central government directly into the bank accounts of the eligible beneficiaries in unbanked areas.”
The MoU will address the fundamental problem of access to finance in rural/remote areas of the state.
The Business Correspondents will be supported through Business Correspondent Agents of BAKDIL/MSRLS/ICVS/CSC and other Business Correspondents of MRB.
The Meghalaya government will support the MRB in deploying 600 Business Correspondents across the state.
These correspondents will be given micro ATMs.
The micro ATMs will be helpful in dispensing cash and making cash payments at the doorsteps of the customers, focusing on the unbanked village employment councils and villages identified by the state government.
The Business Correspondents will be responsible for opening of accounts and promoting other banking services.
This initiative is expected to be beneficial in rural and unbanked areas, particularly for collection of deposits and withdrawals, making payment to MGNREGA workers, old age pensioners, PM KISAN beneficiaries and other customers.
