38 new branches, ATMs to be opened in Arunachal Pradesh: Union minister

Union Minister has said that banking industry would expand its network in Arunachal Pradesh as 38 new branches and an equal number of ATMs will be opened in the state in the next six months

Union Minister Dr Bhagwat Kishanrao Karad has said that the banking industry would expand its network in Arunachal Pradesh as 38 new branches and an equal number of ATMs will be opened in the state in the next six months, according to an official statement issued here on Wednesday.

The expansion of the banking network is aimed at improving the economy of the northeastern state, Karad, the minister of state for finance, said after reviewing various financial schemes during a state-level bankers' committee meeting on Tuesday.

"To fulfil Prime Minister Narendra Modi's dream to expand the country's economy to USD 5 trillion, there is an urgent need to work in every sector," the minister said, as quoted by the communiqu.

For penetration of banking services in rural areas, the state government and bank officers need to work tirelessly, he said.

A programme for financial literacy among people in urban and rural areas is going on through four mobile vans of NABARD.

He, however, said, "More mobile vans would be on requisition for rural banks and would be distributed to all banks for organising such camps in uncovered villages of the state".

Of the approximately 5,500 villages in the state, financial activities are being carried out in 613 villages through post offices, according to the statement.

The minister emphasised on the need to increase the credit-deposit ratio of the state, which currently stood at 46 per cent, by providing more financial assistance to the agriculture sector and self-help groups to improve their businesses.

Karad also expressed satisfaction over the implementation of all the financial schemes in the state, the communiqu added.