Home Minister Amit Shah asks Banks to create separate guidelines for Northeast Region
On Saturday, Union Home Minister Amit Shah called on banks to create separate financial guidelines for the Northeast region, keeping in mind its unique challenges and the needs of its people. Speaking at a bankers’ conclave, Shah emphasized that the region’s development should be seen as a shared responsibility by the banking sector. Watch Video Below. 👇
A robust ecosystem for commerce and industries is being built in the Northeast by strengthening the banking sector. Speaking at the North East Bankers' Conclave 2.0 in Agartala, Tripura.
— Amit Shah (@AmitShah) December 21, 2024
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Shah questioned the applicability of national banking guidelines to the Northeast, pointing out that the region’s ground realities require tailored financial policies. He said, “The banking guidelines for MSMEs, businesses, loans, and personal loans cannot be the same for the Northeast. It is necessary to prepare special financial guidelines with new parameters that consider the region’s people and conditions.”
The Home Minister highlighted the Northeast’s potential as a prime area for investment and manufacturing, stressing that it will see an average growth rate of 20% over the next decade. He urged banks to take risks and adjust their financial policies to better suit the region’s needs.
Shah also emphasized the importance of connecting all unbanked villages in the Northeast with bank branches and post offices. He called for ensuring that Direct Benefit Transfers (DBTs) reach beneficiaries without corruption, ensuring development through banking.
“The Northeast has the maximum potential for growth, and we must view it with sensitivity, not just statistics,” Shah said. He appealed to banks and venture capitalists to support the region’s development, urging them to consider it their responsibility.
The Home Minister also discussed the ongoing efforts to strengthen the banking sector in the Northeast, which he said would create a robust ecosystem for commerce and industry. He predicted that the region would become a key gateway for economic development in India, contributing to the nation’s growth and acting as a bridge of trust for the entire country.
Shah also mentioned the strategic importance of the Northeast’s connectivity for export. Following the exchange of enclaves with Bangladesh, India’s waterways are now linked to the Chittagong port, allowing Northeast products to reach global markets.
“The Northeast has enormous potential. Today, anything produced in the region can be exported globally through the Chittagong port,” Shah said.
He concluded by stressing the importance of equal development across the country. “A nation of 140 crore people can only be fully developed when every region is economically developed,” he said. The conclave was attended by several key figures, including Arunachal Pradesh Chief Minister Pema Khandu, Tripura Chief Minister Manik Saha, and senior banking officials.
