Union Finance Minister Nirmala Sitharaman reviews performance of RRBs in North East

Itanagar: Union Finance Minister Nirmala Sitharaman chaired a meeting to review the performance of 7 Regional Rural Banks of the North East Region covering the states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura in Itanagar, Arunachal Pradesh, on Monday.

During the review meeting, the Union Finance Minister was apprised about the improvement in the financial performance of the RRBs of the Northeast and their technology upgrades ever since the regular review was initiated in 2022, said the minister's office in a statement.

Given the crucial role of RRBs in supporting the rural economy, the Union Finance Minister urged RRBs--with the active support of their sponsor banks--to increase credit disbursement under various Government of India flagship schemes such as PM MUDRA, PM Vishwakarma, etc.

The Minister also said that the focus should be on credit for agriculture, horticulture and allied activities like piggery, goatery, sericulture, fisheries, etc.

She also directed NABARD to promote FPOs (Farmer Producer Organizations) in the NE region.

The Union Finance Minister also urged stakeholders to hold special State Level Bankers' Committees (SLBCs) meetings involving RRBs to explore the possibility of tapping the potential of horticulture, floriculture, sericulture & animal husbandry in the North Eastern states; resolve the issue of availability of land records for extending Agri credit and; increase credit for agri-processing units.

The states were urged to ensure the provision of mobile veterinary units in each district. During the meeting, she also emphasised that every eligible person in the North-East region should get covered under Pradhan Mantri Jan Dhan Yojana (PMJDY).

The Union Finance Minister also advised that all RRBs must devise suitable MSME products that align with MSME activities and leverage their personal and local connections to increase penetration.