Dimapur, November 6 (MExN): A workshop on ‘Prospect of Rural Economy through Banking’ was organised by the Nagaland State Cooperative Bank Ltd (NSCB) on November 5 at Phek in DPDB Conference hall where about one hundred representatives of Agricultural Cooperative Societies, VDB Secretaries, and Village Council Chairman of the district participated. The workshop was inaugurated by Issac Jamir, Additional Deputy Commissioner of Phek.
The Managing Director of the Bank, B K Thadani, along with Kekhwengulo Lea, Board of Director representing Phek district, and Rajuselie Lhousa, Board of Director representing Kohima district, were also present. Issac Jamir in his inaugural speech said that the NSCB since its inspection has been doing its best to uplift the economic condition of the rural mass through its network of branches. He lamented that the people have failed to acknowledge the contribution of the bank that extends credit facilities for their economic development and that most of the borrowers have failed to repay their loan. He said in case of the loanable fund of the bank, if blocked by few individuals, then other people who were in need of money for their economic activities would not get the opportunity to avail loan due to shortage of fund. In this regard, he asked the borrowers to repay the loan in time so that the process of development was not interrupted.
B K Thadani, Managing Director of the Bank, in his keynote address said that 70% of the state's population lives in rural area and mainly depends on agriculture for their livelihood, as the scope for industrial activities in the state is very limited. Therefore, development of rural economy is the only prerogative and for this, money is required, and the bank extends help through loans from a separate loanable fund which are rotated and recycled among the borrowers. Further, he said, if the loan is not repaid in time the whole process is disturbed. The bank has also introduced new deposit and loaning schemes for bringing the rural poor into the fold of banking. Those who spoke on the occasion were, among others, Rajuselie Lhousa, Board of Director representing Kohima, and Khosapa Venuh, President, Phek District Cooperative Union.
Some beneficiaries of SHGps narrated their success story after availing loans from the Nagaland state Cooperative Bank Participants in the workshop. They unanimously vowed to adopt the resolution to associate themselves with the Nagaland State Cooperative more closely than ever before, and also to coordinate with the bank for financial inclusion of those poor people who do not have access to banks by helping them open ‘no frill’ accounts, besides helping the bank in recovery of loans in their respective areas by extending all possible cooperation.
