Shillong: A Memorandum of Understanding (MoU) signed by the state Finance Department, on Tuesday with Meghalaya Rural Bank (MRB) to support 600 Business Correspondents across the state, with emphasis on providing ease of banking services in rural areas.
The MoU was signed by Dr. D Vijay Kumar, Commissioner, and Secretary, who represented the Finance department, and Tshering Deki, chairperson of MRB, and Naingkhangvung Guite, General Manager, OIC NABARD.
The MoU inked 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. It will further address the fundamental problem of access to finance in rural/remote areas of the state.
The Business Correspondents will be supported through Business Correspondent Agents of BAKDIL/MSRLS/ICVS/CSC and other Business Correspondents of MRB.
The Meghalaya government will support the MRB in deploying 600 Business Correspondents across the state who will be provided with micro-ATMs.
These micro-ATMs will help dispense cash and make cash payments at the doorsteps of the customers, focusing on the unbanked village employment councils and villages identified by the state government.
Business Correspondents will be then further responsible for the opening of accounts and promoting other banking services.
This initiative is expected to be beneficial in rural and unbanked areas, particularly for the collection of deposits and withdrawals, making payments to MGNREGA workers, old age pensioners, PM KISAN beneficiaries, and other customers.
Chief Minister Conrad Sangma was also present during the MoU signing.