Amit Shah asks banks to frame separate financial guidelines for Northeast

Agartala, Dec 21: Union Home Minister Amit Shah on Saturday asked all banks to prepare separate financial guidelines for the Northeast keeping in mind its people and ground realities so that the region could witness all-round development.

Addressing a bankers’ conclave here, he also told the bankers to consider the development of the Northeast as their responsibility.

“Should the guidelines prepared by the RBI, NABARD and other banks with regards to the MSME, business, loans, personal loans for the country be the same for the Northeast. How is that possible. Banking guidelines for the Northeast can’t be the same.

“It is necessary to prepare separate financial guidelines for the Northeast with new parameters. Secretary banking, Chairman NABARD and SBI should make special financial guidelines for the Northeast taking into account the people and its ground realities,” Shah said.

He said the Northeast is now the most lucrative place for investment and manufacturing.

He said for future business, the banks will have to invest somewhere and no other place, except the Northeast, is the best place for future business.

Shah said the Northeast will develop at an average growth rate of 20 per cent in next 10 years.

“You have to keep this in mind and have to take some risks. Make your financial policy a bit relaxed keeping in mind the people of the Northeast and its ground realities,” he said.

The home minister said all “unbanking” villages in the Northeast should be connected with branches of banks and post offices and all DBTs (Direct Benefit Transfer) should reach to the beneficiaries without corruption.

“Development in the Northeast should reach through banking,” he said.

Shah said there is maximum potential in the Northeast and the need is not to look the Northeast through statistics but with sensitivity.

“All banks and venture capitalists should lend their helping hands for the development of the Northeast. Consider the development of the Northeast your responsibility,” he said.

The home minister said a robust ecosystem for commerce and industries is being built in the Northeast by strengthening the banking sector.

“Northeast India will become the gateway of economic development and will set new records. This region will not only become the gateway of India’s development, but will also become a bridge of trust for the entire country,” he said.

He said work is also being done to make the Northeast a major gateway for export.

Shah said after the exchange of enclaves with the Bangladesh a few years ago, India’s waterways are connected with Chittagong port in Bangladesh and through the Chittagong port, all produces of the Northeast can be exported to global markets.