DIMAPUR, MARCH 22 (MExN): The State Level Bankers’ Committee meeting for the State of Nagaland for the quarter end December 2005 was held at Hotel japfu, Kohima on March 21. The meeting was attended by the representatives of various departments of State Government, controllers/representatives from all the banks operating in Nagaland and NGOs. C.R. Mangaraj, General Manager, State Bank of India while welcoming the participants attending the SLBC thanked the state government for making necessary declaration for notifying Dimapur as notified centre for creation of equitable mortgage stated the release issued by DGM, Convener SLBC.
Mangaraj pointed out that the non-coverage of crop loans by Crop Insurance Policy or any other insurance in the state of Nagaland has been a matter of anxiety for the bankers and the borrowers.
For the benefit of the borrowers and the bankers, the meeting also elaborated on the creation of charge by simple declaration which will simplify the procedures of securing the loans instead of Equitable mortgage/registered mortgage as per Talwar Committee recommendations. The enactment of the provision of waiving of stamp duty on loan documents for agriculture and allied activities will help the poor farmers in availing loans for agriculture and allied activities. He also pointed out the need of state government to come up with some strategies to identify NGOs, SHGs and other community based organization to play the role of financial intermediaries for extending loans to the poor people living in the remote places where banking and financial services does not exist.
The General Manager termed loan recovery as unsatisfactory and has urged the State Government to come forward to help bankers in recovery process. The General Manager also pointed out the hardship faced by the bank for completion of pre-sanction survey and sanction of loan proposals by March 31 due to the non-completion of sponsoring process of the 2nd phase of the PMRY within the stipulated time by the Central Government.
S.K.Gupta, DGM, RBI Guwahati while appreciating the achievement of the banks under Annual Credit Plan which is 109.5% urged the banks to make full efforts to achieve the target. Gupta requested the Lead Bank Offices to launch the Annual Credit Plans 2006-07 of all the districts by April 1and also requested the concerned authorities to draw up a revival package for strengthening the RRB. In connection to the low recovery percentage he urged the banks and the State Government to initiate joint efforts for raising the recovery percentage in the state.
The meeting was chaired by C.R.Mangaraj, General Manager State bank of India while G.D.Banerjee, DGM, NABARD pronounced the vote of thanks.
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