Banking infra needs further strengthening in NorthEast: Bhagwat Karad

Bhagwat Karad, Minister of State, Ministry of Finance said on Friday that the banking infrastructure needs to be strengthened in the NorthEastern region with further plans including opening digital banks in the region.

The government schemes on financial inclusion are doing well and there is an increase in credit growth by 85 per cent, which are good signs for the region,” he added while addressing the North East Banking Conclave on Friday in New Delhi.

G Kishan Reddy, union minister at Ministry of Development of North Eastern Region said that banks should prioritise support and promote Micro,Small and Medium Enterprises (MSMEs) and StartUps in the NorthEast region. “The North Eastern Region has unique challenges which require innovative practical solutions,” he added.

B L Verma, Minister of State, Ministry of Development of North Eastern Region said that banks and financial institutions play a critical role in implementing the financial inclusions.

The “Northeast Banking Conclave” was organised by the Ministry of Development of North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry (CII) as the industry partner.