Nirmala Sitharaman Reviews Regional Rural Banks in North East India
Union Finance Minister Nirmala Sitharaman chaired a meeting in Itanagar, Arunachal Pradesh, to review the performance of seven Regional Rural Banks (RRBs) in the North East region, covering the states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.
During the meeting, the Minister was informed about the financial improvements and technology upgrades of the RRBs since regular reviews began in 2022. She emphasized the crucial role of RRBs in supporting the rural economy and urged them to increase credit disbursement under various Government of India flagship schemes such as PM MUDRA and PM Vishwakarma.
The Minister highlighted the need to focus on credit for agriculture, horticulture, and allied activities like piggery, goatery, sericulture, and fisheries. She also directed NABARD to promote Farmer Producer Organizations (FPOs) in the North East region.
Sitharaman urged stakeholders to hold special State Level Bankers’ Committees (SLBCs) meetings involving RRBs to explore the potential of horticulture, floriculture, sericulture, and animal husbandry in the North Eastern states. She also stressed the importance of resolving land record issues for extending agricultural credit and increasing credit for agri-processing units. The states were encouraged to ensure the provision of mobile veterinary units in each district.
Additionally, the Minister emphasized that every eligible person in the North-East region should be covered under the Pradhan Mantri Jan Dhan Yojana (PMJDY). She advised all RRBs to devise suitable MSME products that align with MSME activities and leverage their personal and local connections to increase penetration.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and economy.
Regional Rural Banks (RRBs) -: Regional Rural Banks are banks that operate in rural areas of India. They help farmers and small businesses by giving them loans and other financial services.
North East region -: The North East region of India includes states like Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. It is known for its beautiful landscapes and diverse cultures.
credit disbursement -: Credit disbursement means giving out loans or money to people or businesses. It helps them to start or grow their activities.
NABARD -: NABARD stands for National Bank for Agriculture and Rural Development. It helps in developing agriculture and rural areas by providing financial support.
Farmer Producer Organizations -: Farmer Producer Organizations are groups of farmers who come together to sell their products. This helps them get better prices and support.
land record issues -: Land record issues refer to problems with the official documents that show who owns a piece of land. Solving these issues helps farmers and others to prove their ownership and use the land effectively.
