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SBI Credit Deposit ratio in the state shows improvement
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DIMAPUR, JUL 26 (NPN):
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Article published on 7/27/2010 12:03:04 AM IST
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In less than two years from now, State Bank of India (SBI) would be celebrating 50 years of its existence in Nagaland. SBI is all set to celebrate the occasion in a befitting manner for it already has 50 branches spread across 11 districts of the State. Being the leading bank, SBI is responsible for preparation of district credit plans and holding State Level Bankers Committee (SLBC) meetings at quarterly intervals to review and draw up a strategy for implementation of the banking development plans.
The first SBI branch in Nagaland was opened at Dimapur on May 28, 1962. Later, an administrative office of the Bank was also established at Dimapur to ensure faster branch expansion and easy accessibility of the people to the Bank for prompt decisions on their loan proposals and other banking needs.
The aggregate deposits of SBI in Nagaland upto June 2010 was Rs 2,129 crore and advances Rs 930 crore. State Bank’s Credit Deposit (CD) ratio in Nagaland is 44 at present which is considered very respectable in the face of lack of industrial infrastructure and credit absorption capacity of the State. The Bank’s credit assistance to agriculture and small industries stood at Rs 83 crore and Rs 29 crore respectively at the end of June 2010.
Financial Inclusion occupies a priority position in State Bank’s agenda for Nagaland. Under this programme, initiative is taken to cover that population of the State within the banking network even though they may not have a bank branch in their vicinity. For this purpose, SBI has already appointed 10 Business Facilitators (BFs) and 6 Recovery Agents (RAs) who work in remote areas and attempt to enable inhabitants of those areas to do basic banking transactions such as depositing money and withdrawing amounts from their accounts, in the process bringing banking to the doorstep of the people.
SBI branches in Nagaland are covered under Core Banking System (CBS) of the Bank as a result of which customers are able to obtain the most modern banking services, as good as anywhere else in the country. The Bank has installed 37 ATMs in the State. Four more ATMs are expected to be added in the list before the end of the month. As many as 21 more ATMs are proposed to be set up in Nagaland by SBI before the end of 2010.
Most importantly, SBI’s functioning in Nagaland has not remained confined to its banking brief alone. Under its Community Services Banking (CSB) Programme, SBI has adopted as many as 111 girl children whose educational expenses will be borne by the Bank until they attain the age of 14 or pass their high school leaving exams, whichever happens earlier.
Under the micro finance programme, SBI has signed MoU with the Rural Development Department, Government of Nagaland to finance the villages through the Village Development Boards (VDBs) at the ratio of 1:2 to 1:4 (corpus fund and bank finance).
SBI Chief General Manager R. K. Garg is scheduled to undertake a three day tour of Nagaland commencing from Tuesday during which he is expected to inaugurate new banking facilities in the State besides taking part in the SLBC meeting to be held in Kohima on Wednesday.
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