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RBI to launch schemes for raising credit flow to NE
Published on 21 May. 2011 12:18 AM IST
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The Reserve Bank of India (RBI) has asked banks to introduce bankable schemes and open financial literacy and credit counselling centres in the northeast to improve the credit flows to the region, its governor D. Subbarao said Thursday.
“The RBI has intensified its efforts to enhance credit flow to the industry starved northeastern states,” Subbarao told reporters after the first ever central board meeting of the apex bank here. “For faster development of the region, it was equally important to raise its credit absorptive capacity. For this purpose, the RBI has been encouraging banks to introduce bankable and viable schemes, open financial literacy and credit counseling centres in northeast.”
Subbarao, accompanied by four RBI deputy governors and top officials came to Agartala Wednesday and inaugurated a RBI’s first sub-office in Tripura capital and addressed at a seminar on financial inclusion.
“To educate the people about the banking services and banking importance, ‘financial literacy day’ would be observed in one village in each blocks of northeast India,” he said.
“The RBI had announced a subvention scheme for opening new bank branches in the northeast. More and more credit to the agricultural and allied sectors must be increased in the region.” According to the RBI chief, the credit deposit ratio of the region is half of the national average which is 70.
“The RBI has asked all the state governments to include finance in school curriculum to enhance fiscal literacy. It had developed material for this purpose which it would willingly share with the state governments,” Subbarao said. About the dubious activities of unauthorised and unincorporated bodies and financial companies, the RBI governor has asked the people not to make any deposit to these institutions.
“People and media should be more vigilant about the unrecognised financial institutions.”
Subbarao said that RBI has decided to open its sub-offices in six more northeastern states - Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura and Meghalaya - in a phased manner to improve the banking services to the region and to ensure banking access is made available to all people.
Currently, RBI has a regional office in Assam’s main city of Guwahati.

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