GANGTOK, (IPR): The 80th State Level Bankers’
Committee (SLBC) meeting for the State of Sikkim was held at a local hotel in
Gangtok today.
The meeting was graced by M.C.P.
Pradhan, secretary, Finance, Revenue and Expenditure department (FR&ED); Thotngam
Jamang, regional director, Reserve Bank of India (RBI); Nand Kishore Singh, convenor,
SLBC and general manager, SBI, Kolkata Circle; Ajay Kumar Sinha, GM-OiC,
NABARD; Virendra Singh, DGM, SBI; Kallal Bhattacharya, chief manager, LDM;
representatives of Central government agencies, heads of banks in the region,
head of various line departments of the State government and stakeholders.
Nand Kishore Singh, in his opening
remarks, emphasised the critical role of banking institutions in driving
economic growth in Sikkim, urging all branches to actively participate in
enhancing financial development across the State.
A major highlight of the event was the
inauguration of the Annual Credit Plan (ACP) for Sikkim for the financial year
2024-25. The ACP sets a total credit target of Rs. 1,374 crores,
with Rs. 477
crores allocated to the agricultural sector, based on NABARD's State Focus
Paper 2024-25.
The PowerPoint presentation by Gadadhar
Ray, chief manager of SLBC, reviewed the progress of banks under the ACP for
the quarter ended June 2024, focusing on key indicators like the Credit-Deposit
(CD) Ratio for Sikkim. The session fostered collaborative dialogue, especially
around priority financial initiatives.
Additionally, he outlined several key
national financial schemes, including the Prime Minister’s Employment
Generation Programme (PMEGP), PM-SVANidhi Scheme, Pradhan Mantri Mudra Yojana
(PMMY), Stand-Up India, and various initiatives to promote Self-Help Groups
(SHGs) and priority sector housing finance.
Similarly, his second presentation was
on financial inclusion and financial literacy. It also saw an engaging
interactive session with bank officials actively participating in in-depth
discussions.
Ajay Kumar Sinha underscored the
importance of agriculture, noting that despite its decreasing share in GDP, it
remains vital for meeting essential needs. He discussed financing mechanisms
like Joint Liability Groups (JLGs) and Farmer Producer Organizations (FPOs),
emphasising the potential in allied sectors such as dairy, horticulture, and
organic farming. He also highlighted the significant contributions of Micro,
Small, and Medium Enterprises (MSMEs) and financial inclusion through Self-Help
Groups (SHGs). He stated that the state has been performing well in priority
sectors. Support for financial literacy and digital literacy is encouraged,
with a focus on entrepreneurship development programs, he added.
Thotngam Jamang commended the progress
made in banking penetration across Sikkim, applauding the collaborative efforts
between government, banks, and other stakeholders in achieving targets for
2023-24 and the first quarter of 2024-25. He praised the region's financial
environment, emphasising the need for continued compliance with decisions taken
in the meeting to ensure future progress. Lastly, he expressed his gratitude to
the senior officers across all regions and anticipated further discussions.
The meet also witnessed an active
interaction session wherein the heads of departments and nodal officers from
the State government line departments voiced their views and placed their
opinions regarding proactive implementation and proactive customer service of
the various central sector schemes. Jamang lauded the best environment and
trust that the State government and the Sikkimese people have given to the bankers
with 27 banks, 197 branches and 241 ATMs across the State and stated that a
joint workshop for the bankers and the beneficiaries will be organised to
bridge the gap between them.
M.C.P. Pradhan, in his address, stressed
the importance of financial health and the efficiency of capital markets,
pointing out the higher credit-deposit ratio in Sikkim compared to other north-eastern
States. He urged banks to prioritize financial literacy and quality of service,
particularly for small-time borrowers, while stressing the need to boost rural
economic growth. Furthermore, he also suggested separate measurements of
credit-deposit ratios for urban and rural areas to better address regional
disparities.