The Meghalaya government on Tuesday inked a Memorandum of Understanding (MoU) with the Meghalaya Rural Bank targeting to facilitate banking services in rural areas, an authority said.
The MoU was signed between Dr. D. Vijay Kumar, Commissioner and Secretary, who addressed the Finance Department, Govt. of Meghalaya and Tshering Deki, Chairperson Meghalaya Rural Bank, Naingkhangvung Guite, General Manager, OIC NABARD to help 600 Business Correspondents (BCs) across the State.
“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 Chief Minister Conrad K Sangma said.
The MoU will resolve the fundamental problem of access to finance in the rural/remote areas of the State. The BCs will be upheld through Business Correspondent Agents (BCAs) of BAKDIL/MSRLS/ICVS/CSC and other BCs of MRB and the State Government will uphold MRB in sending 600 BCs across the State.
The BCs will be given micro ATMs
The micro ATMs will be useful in dispensing cash payment and cash payments at the doorsteps of the client, zeroing in on the unbanked Village Employment Councils (VECs) and villages recognised by the State Government. The BCs will be liable for opening of accounts and advancing other banking services.
This initiative will be beneficial in rural and unbanked areas especially for collection of deposits and withdrawals, making payment to MGNREGA workers, old age retirement people , PM KISAN beneficiaries and other customers.
National Bank for Agriculture and Rural Development (NABARD) was set up on 12 July 1982 by an Act of the Parliament. NABARD, as a Development Bank, is ordered for giving and managing credit and different offices for the advancement and improvement of agribusiness, limited scope businesses, cabin and town enterprises, handiworks and other country makes and other united monetary exercises in provincial regions with the end goal of advancing coordinated rustic turn of events and getting flourishing of provincial regions, and for issue associated therewith or incidental thereto.
Their mission is to advance supportable and impartial farming and rustic improvement through participative monetary and non-monetary mediations, advancements, innovation and institutional improvement for flourishing.
The Role and capacity of Finance Department
The job is to set down in the Rules of Executive Business. The office is fundamentally liable for the monetary organization and the board of the State Finances. Some the primary elements of the office are planning of spending plan and explanation of assessed incomes and use to be set down before the State Legislature; Examination of the proposition for increment or decrease of duties; state borrowings and arrangement of Government Guarantees against credits raised by PSUs and other entities; setting down of suitable monetary principles for direction of other office that are liable for upkeep of legitimate records and activity to implement responsibility on such matters.
Moreover, readiness of appraisals of receipts and payment and keeping watch on State Government financial equilibriums, available resources tasks and so on; outlining of different standards managing the compensation, leave of individual in assistance of the state Government and rules controlling the number, reviewing or framework payment of posts; setting down of proper monetary guidelines for direction, all things considered, and different substances and so on.