RBI Aims To Improve Banking System in Manipur

Imphal, Apr 4 : The Reserve Bank of India (RBI) recently organized a financial outreach camp in Manipur to spread awareness about the benefits of banking service in remote areas of the state.

On the occasion, the Reserve Bank's executive director, DK Mohanty, inaugurated new branches of United Bank of India and State Bank of India.

"Our objective is to expand banking facility by the end of financial year level 12 to population, to habitation with population of more than 2000 and we have taken the step towards that," Mohanty said

Many people in Manipur still depend on postal services for saving and sending money. They are not aware of methods of electronic transfer of funds. The region also has a low credit to deposit to ration of 40 per cent as not many people in rural areas avail the banking facilities.

The Reserve Bank aims to change this situation and has appointed local correspondents who will promote banking facilities in the rural areas.

The bank has also promised to extend financial assistance to individuals and groups to open new branches after they seek approvals from the state authorities. This will also create now job opportunities in the region.

During the camp, other banking institutions like National Bank for Agriculture and Rural Development, State Bank of India, United Bank of India, Manipur State Cooperative Bank, Manipur Rural Bank, District Rural Development Authority, Agriculture and Horticulture Department, Khadi Village and Industries Commission, Department of Industries and Commerce and many self help groups and NGO's set up stalls to disseminate banking information about various schemes.

Local said more bank branches would improve over banking systems and promote economic development.

" It's a great thing that they have included Ukhrul district because earlier such facilities aware not available so it was very difficult for us either to deposit or withdraw money but now it is better, said Graceson.

"About 20 years back there was only one branch of bank in the region. But it is really good to know that initiative for opening of more and more bank branches is going on and I think this will bring development in the region," said Ngaraipam.

A large number of people from Manipur work outside the state and send money back home as remittance.

But very few know that money remitted can be received through banks by way of demand drafts, telegraphic transfer or mail transfer. These new branches will help people access their money in a faster and a more efficient way.