Shillong, October 09: The Government of Meghalaya in collaboration with the Government of India and State Level Bankers Committee, Meghalaya conducted the MUDRA (Micro Units Development and Refinance Agency) Promotion Campaign today at U Soso Tham Auditorium, Shillong. Union Minister of State for Defence Dr Subhash Ramrao Bhamre graced the programme as the Chief Guest and Meghalaya Taxation Minister Zenith M. Sangma as the Guest of Honour.
Addressing the gathering, Dr Subhash Ramrao Bhamre said that MUDRA and Stand-Up India scheme will bring about a massive transformation to the youth of the nation. He informed that the scheme was launched by PM Modi on April, 2015 to ‘fund the unfunded’, by bringing enterprises to the formal financial system and extending affordable credit to the entrepreneurs to grow their businesses. The Union MoS also requested the people of the state to opt for digital payments in their day to day transactions to make the state and the country a cashless society.
Zenith Sangma informed the gathering that there are 36 banking institutions functioning in the state, out of which 21 are Public Sector Banks, 10 are Private Banks, one Rural Bank and four Cooperative Banks and about 395 bank branches with 51% coverage in rural areas where only about 20% of the rural areas has access to ATMs. Sangma said that due to lack of awareness about the financial support system, unavailability of banking facilities and financial assistance in the rural areas, people are often forced to borrow from other sources for financial support which limits their higher borrowing capacity and hence the gap in financial inclusion. He added that the scheme will not only ensure greater connectivity, but will also bridge the financial inclusion gaps and provide a better social security cover for the people.
During the programme, Ramrao Bhamre along with Sangma distributed token loans to the beneficiaries and also visited the stalls put up at the venue by different financial institutions.