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FM participates in Credit Outreach Program in Itanagar

By TIOL News Service

NEW DELHI, OCT 03, 2024: UNION Minister for Finance and Corporate Affairs Nirmala Sitharaman participated in two Credit Outreach Programmes in Itanagar and Namsai, Arunachal Pradesh, yesterday.

The programme at Itanagar was also attended by Pema Khandu, Chief Minister, and Chowna Mein, Deputy Chief Minister, Arunachal Pradesh, M. Nagaraju, Secretary, Department of Financial Services (DFS), alongwith senior officials from the Central and State Governments, and the heads of SBI, PNB, NABARD and SIDBI.

During the programme in Itanagar, sanction letters totalling Rs. 14.4 crore were distributed to 160 beneficiaries under various schemes, including retailers, MSMEs, and financing of agricultural activities. Notably, NABARD provided assistance of Rs. 1.5 crore to Rajiv Gandhi University for establishing a Rural Business Incubation Centre and granted over Rs. 18 crore for other initiatives. Additionally, SIDBI sanctioned Rs. 40 lakh to micro-enterprises.

SBI's commitment to community development was evident through its Corporate Social Responsibility (CSR) initiatives at Itanagar, which included the contribution of an ambulance, a hearse van, and 50 bicycles for girl students.

The Union Finance Minister also flagged off two financial literacy demonstration vans from NABARD and one mobile medical unit from SIDBI.

In her address on the occasion, Sitharaman lauded the efforts of the banks towards Viksit Bharat and encouraged them to prioritise the financial upliftment of Arunachal Pradesh.

The Union Finance Minister underscored the need for greater access to banking facilities, such as banking correspondents and additional bank branches, to enhance financial inclusion throughout the state. This increased access will support new business ventures, allowing the people of Arunachal Pradesh to prosper and thrive.

In the other Credit Outreach Programme at Namsai, Sitharaman participated as the Chief Guest and Chowna Mein as the Guest of Honour.

A highlight of the programme at Namsai was the inauguration of the Regional Business Office (RBO) of the SBI, which aims to boost financial services in this Aspirational District.

Sitharaman also planted a sapling on the RBO campus as part of the ' Ek Ped Maa Ke Naam ' campaign, initiated by Prime Minister Narendra Modi, underscoring a commitment to sustainability and community welfare.

During this programme, 195 beneficiaries received sanction letters amounting to Rs. 6.8 crore under various financial schemes. NABARD also sanctioned Rs. 92.5 lakh for initiatives such as GI registration, rural marts, and micro-ATMs, while SIDBI provided Rs. 1.5 lakh for women's livelihood programmes.

The Union Finance Minister also interacted with women SHGs and flagged off a school bus and presented 100 bicycles to girl students under the CSR activity of SBI.

Sitharaman acknowledged progress made in Namsai as part of Aspirational District programme, including granting of 20 GI tags in the states and urged entrepreneurs to take GI tagged products of Arunachal Pradesh to national and international markets. The Union Finance Minister highlighted potential of digital technology interventions, led by Government of India's projects of Bharat net, 5-G technology, ONDC etc, in transforming micro and small industry and providing it access to national and international market. Sitharaman urged banks to become development partners in the region through unique potential of crafts like boat-making as part of PM Vishwakarma scheme.

During the programme, beneficiaries and SHG members expressed enthusiasm about the new opportunities presented through these outreach programmes. These events are pivotal in enhancing financial inclusion and fostering sustainable development in Arunachal Pradesh.


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