Banking infrastructure needs to be strengthened further including opening digital banks in N-E: MoS Finance
Apr 28, 2023
New Delhi [India], April 28 : Union Minister of State for Finance Bhagwat Karad on Friday said the banking infrastructure needs to be strengthened further including opening digital banks in the Northeast.
While speaking at the Northeast Banking Conclave on Friday, Bhagwat Karad said Prime Minister Narendra Modi had decided to improve the per capita income of the people of the Northeastern region and that government schemes on financial Inclusion are doing well. "There is an increase in credit growth by 85 per cent, substantial improvement in credit-deposit (CD) ratio, which are good signs for the region," he said.
The conclave was organised by the ministry of development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry the Industry, was held on Friday in New Delhi.
While inaugurating, G Kishan Reddy, Minister of Development for the North Eastern Region, said that the northeastern region has unique challenges which require innovative practical solutions. He said that, MSMEs are the backbone of the economy of region and rooted in the greater vision of Atmanirbhar Bharat. "Banks should prioritise support and promote MSMEs and startups in the Northeast."
He added that the connectivity and transport infrastructure have improved in the region; all state capitals to be connected by Railways by 2024. There has been an increase of 113 per cent in air traffic through 17 airports in the region including 3 are international airports.
While addressing the delegates, B L Verma, Minister of State, Ministry of Development for the North Eastern Region spoke about the various initiatives being taken by DoNER Ministry to improve per capita income in the Northeast. He added that banks and financial institutions play a critical role in implementing the financial inclusions.
Lok Ranjan, Secretary, Ministry of Development of the North Eastern Region, said there is a need for more directed resources for accelerated development of NER. It is necessary to tap into more financial resources for the NER. "There is a conscious effort to work with various stakeholders so that various resources are channelized towards the development of the NER. I would like to collaborate with banks to know the challenges in this journey of development of Northeastern region," he said.
