Help Assam become a start-up centre, financial sector urged

Assam Agriculture Minister Atul Bora Friday urged the financial sector to help transform the state to a regional centre for start-ups.

Finance is critical for growth of entrepreneurs and indigenous banks must look at increasing their outreach for achieving the transformation of Assam into a start-up centre, Bora said.

"With adequate support, the huge talent pool in the region can transform North East into a prosperous region," the minister said while addressing the Finance @ North East conference organised by the CII.

As part of creating a conducive environment for investment and development of entrepreneurship, the state incubators at NEST and Assam Agriculture University should support start-ups and agri entrepreneurs, he added.

Chairman of CII Eastern Region C S Ghosh said the widening network of scheduled commercial banks play a critical role in mobilisation of savings in the region.

Ghosh, also the Managing Director and CEO of Bandhan Bank, highlighted that in recent times, the Micro Finance Institutions' penetration has increased in the North East.

The augmentation has been largely attributed to the presence of large micro finance institutions especially in Tripura and Assam, he said.

Of the 14 lakh borrowers in Assam, the MSME sector lending in the state is the highest in the country, he said.

Managing Director North East Small Finance Bank Limited Rupali Kalita said the development of the region is possible only through financial inclusion and financial outreach with the cooperation of all stakeholders.

Chairman CII North East Council and Managing Director Numaligarh Refinery Limited S K Barua said an efficient banking system contributes towards a higher economic growth in any economy and is more relevant to North East as the region is yet to exploit the full banking potential.