Banks urged to aid state's development : 26th mar25 ~ E-Pao! Headlines

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Banks urged to aid state's development
Source: Chronicle News Service / DIPR

Imphal, March 25 2025: National Bank for Agriculture and Rural Development (NA-BARD), Manipur Regional Office, conducted the State Credit Seminar 2025, at Hotel Imphal, here, on Tuesday, which also marked the launch of the State Focus Paper 2025-26, which outlines the credit potential and financial planning for the state's rural development.

Speaking as the chief guest, chief secretary Prashant Kumar Singh observed that myriad challenges are currently besieging the state and called for collective responsibility in restoring normalcy and progress.

Acknowledging NABARD's efforts in providing a platform for discussion and strategic planning, he noted that the State Focus Paper 2025-26, which estimates a credit potential of Rs 3,279 crore, serves as the foundation for financial planning in the state.

Prashant then urged banks and financial institutions to act swiftly in meeting their targets and ensuring credit accessibility, while also encouraging State Bank of India and other banks to continue their efforts in securing future recognition for their contributions to Manipur's economic development.

Noting that farmers do not get the full value of their products and often face huge inconveniences, especially while seeking support from the banks as the latter demand unnecessary and additional documents, the chief secretary urged the banks to reduce such inconveniences as much as possible.

Stating that NABARD plays an important role in getting GI registration, PK Singh said that NABARD Manipur Regional Office is providing grant assistance in obtaining GI registration for nine potential products of the state including Kouna crafts.

While recognising NABARD's crucial role in supporting the development of SHGs, he appealed to other banks to also extend similar support to the various sectors of the state.

Delivering the keynote address, NABARD, Manipur officer-in-charge and general manager Partha Mandal said that the State Focus Paper 2024-26 was prepared as the annual credit plan and all banks are to follow the same throughout the upcoming financial year.

He highlighted NABARD's role in state-level credit planning, consolidating district-level Potential Linked Plans (PLPs) including for IDPs into the Annual Credit Plan (ACP) .

For 2025-26, Manipur's credit potential stands at Rs 3,279 crore, marking an 11 per cent increase over the previous year, with 48 per cent allocated to agriculture, 39 per cent to MSMEs, and 13 per cent to other priority sectors.

He also announced the digital transformation of the State Focus Paper to enhance accessibility and data standardisation.

Partha Mandal pointed out key focus areas, including support for Farmer Producer Companies (FPCs), expansion of Kisan Credit Cards (KCC), strengthening of Primary Agricultural Credit Societies (PACS), and implementation of schemes like PMFME and Kisan Sampada Yojana.

He also stressed the importance of.

cooperative sector reforms, mentioning the PACS Computerisation Project, under which 232 PACS in Manipur are being digitised to improve efficiency and financial management.

NABARD deputy general manager Bendang Aier presented key insights from the State Focus Paper (SFP) 2025-26, emphasising economic trends, agricultural challenges, and potential growth areas.

He expressed concerns regarding low agricultural productivity, as 26.3 per cent of the state's GDP comes from agriculture, despite a majority of the population being dependent on the sector.

The best-performing banks for their contributions to financial inclusion, rural credit expansion, and social security initiatives were felicitated on the occasion.

Manipur Rural Bank received the Best Performer Bank Award under the Kisan Credit Card (KCC) category, Manipur State Cooperative Bank for its excellence in KCC for Animal Husbandry and Fishery and Manipur Rural Bank for its achievements in the SHG Bank Linkage Programme, while State Bank, of India received the award for Best Performer under the Social Security Scheme.

A video on financial inclusion was also showcased during the seminar to highlight NABARD's initiatives and impact on rural development.

SLBC Manipur convenor AGM Kh Okendra Singh, RBI DGM Chamailo M Samuel, and other officials attended the seminar.

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