Nirmala Sitharaman Reviews Northeast RRBs, Urges Enhanced Rural Credit

Finance Minister Nirmala Sitharaman reviewed the performance of seven Regional Rural Banks in India's Northeast. She called for increased credit disbursement under government schemes and emphasized the need for financial inclusivity and technology upgrades. The review also focused on promoting agricultural and allied activities in the region.

Union Finance Minister Nirmala Sitharaman chaired a review meeting in Itanagar on Monday to evaluate the performance of seven Regional Rural Banks (RRBs) in the northeastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura. The minister's office reported improvements in the financial performance and technology upgrades of these RRBs since the initiation of regular reviews in 2022.

Recognizing the critical role of RRBs in bolstering the rural economy, Sitharaman urged these banks, with support from their sponsor banks, to increase credit disbursements under flagship Government of India schemes such as PM MUDRA and PM Vishwakarma. She highlighted the need to focus on providing credit for agriculture, horticulture, and related activities like piggery, sericulture, and fisheries.

The Minister directed NABARD to promote Farmer Producer Organizations (FPOs) in the Northeast. She also called for special State Level Bankers' Committees (SLBCs) to address opportunities in horticulture, floriculture, sericulture, and animal husbandry, and to resolve land record issues for agri credit. Emphasizing inclusivity, Sitharaman urged efforts to cover every eligible person under the Pradhan Mantri Jan Dhan Yojana (PMJDY) and advised RRBs to develop MSME products tailored to local needs.