Nagaland Governor La Ganesan has called for concerted efforts to establish brick-and-mortar bank branches in the remaining 22 unbanked rural development (RD) blocks for the state for enhancing financial inclusion. Addressing the State Credit Seminar 2024-25 organised by National Bank for Agriculture and Rural Development (NABARD) here on Tuesday, he urged the State Level Bankers’ Committee (SLBC) to make all-out efforts in this regard.
The governor also launched the State Focus Paper, which pegged Nagaland’s credit potential in priority sector at Rs 1,178.08 crore for the financial year 2024-25. He emphasised the significance of the State Focus Paper, which had compilation of district-level data, pointing out that the document not only identified sectoral constraints but also proposed measures to enhance Ground Level Credit (GLC).
Highlighting the major issues flagged in the paper, he urged relevant departments and banks to address these concerns promptly.
Underscoring the significance of agriculture as the backbone of the economy, Ganesan acknowledged the sector’s challenges, ranging from infrastructural deficits to limited market accessibility and the imperative for technological adaptation to cope with climate change impacts.
He however stressed realising this potential. He said credit played a critical role, pointing out that accessible and affordable credit not only enhanced agricultural output but also supported secondary activities and enterprises, forming crucial components of rural economic networks.
He highlighted the vast potential for agricultural development in the state with diverse agro-climatic conditions, varied topography, and rich traditional knowledge, all of which presented numerous opportunities for sustainable agricultural practices and innovative agri-entrepreneurship.
Appreciating NABARD’s initiatives in supporting credit flow in sectors such as infrastructure, self-help groups (SHGs) and joint liability groups, supporting rural innovation, and promoting financial inclusion, the governor called upon development financial institutions and banks to work hand in hand with the state government to innovate solutions, customise credit products, and resolve to foster an enabling environment for the financial empowerment of the agrarian and rural sectors.
In her inaugural address, NABARD chief general manager and officer-in-charge Nagaland Tiakala Ao pointed out that Nagaland had a credit potential of Rs 1,178.08 crore under Priority Sector activities for the year 2024-25.
She stressed that the focus for banks during this period should be on extending credit to Farmer Producer Organisations (FPO) in the state promoted under various schemes, urging the state to concentrate on agriculture, including expanding irrigation facilities, horticulture, and food processing, as these initiatives could revolutionise the state’s economy.
To support the initiatives of the state government departments, she disclosed that NABARD had committed over Rs 90 crore for 2023-24 under various funds, covering infrastructure, investment, refinance, and developmental and promotional activities.
She expressed confidence that with the collaborative efforts of all major stakeholders, Nagaland’s economic growth would witness significant progress in the coming years.
Ao emphasised innovative solutions to address contemporary challenges in agriculture, along with recognising the necessity to diversify beyond agriculture for sustainable and inclusive growth, adding that sectors such as tourism, horticulture, handloom and handicrafts, and the MSME sector had been identified as promising areas to harness the state’s potential.
Taliremba, principal secretary in the Department of Finance, secretary to governor Rajesh Soundararajan, and Reserve Bank of India general manager and officer-in-charge of Kohima office Paresh Chauhan, SLBC convener Surabhi Bhattacharjee and NABARD assistant general manager (AGM) Sarat Behara also spoke on the occasion.
On the occasion, North East Initiative Development Agency (NEIDA) senior programme officer Nagato Aye gave a presentation on transformation through springshed-based watershed development project, while Zunpha Multipurpose Cooperative Society vice-chairman Soyhun Tep gave another presentation. The NABARD AGM delivered the vote of thanks.
Earlier, the governor flagged off a mobile van sponsored under NABARD’s rural mart scheme, released a short film on Rural Haats, felicitated the best performing SHGs/JLGs and banks and handing over sanction letters of NABARD-sponsored projects.
On the occasion top performing SHG in the state were also felicitated.
1st: Telongjem Women SHG- Promoted by Nagaland Rural Bank Dimapur Branch and 2nd place Yimkumtsar SHG- Promoted by NStCB Dimapur (Main) Branch, Dimapur. Best performing JLG (Joint Liability group): 1st: SISTERS JLG- Promoted by NStCB High School Jn Branch, Kohima.
Best performing bank branch in SHG promotion and linkage: 1st: Nagaland State Cooperative Bank, Wokha Branch, Wokha and 2nd place Nagaland Rural Bank, Wokha Branch, Wokha. Best bank Branch in JLG linkage: 1st: NStCB LTD, Dimapur (Main) branch.