Manipur Launches New Cooperative Bank Branches to Boost Financial Inclusion

Manipur Chief Minister N Biren Singh announced the opening of two new branches of the Manipur State Cooperative Bank in Mayang Imphal and Moirang. These branches aim to enhance banking accessibility. The cooperative bank has provided collateral-free credit totaling Rs 17 crore to 1,195 women SHGs and supported state startups with Rs 15 crore over the past five years.

On Thursday, Manipur Chief Minister N Biren Singh announced the inauguration of two new branches of the Manipur State Cooperative Bank in Mayang Imphal and Moirang. These additions aim to improve banking accessibility in the region.

During the virtual inaugural function, Singh highlighted that over the past five years, the bank has disbursed collateral-free credit worth Rs 17 crore to 1,195 women self-help groups (SHGs) and supported state government startups with Rs 15 crore.

Singh emphasized the importance of grassroots banking, stating that the new branches will offer savings and loan services to enhance financial inclusion. He also stressed the need for a disciplined loan repayment culture and encouraged bank authorities to develop support strategies for those residing in relief camps.

(With inputs from agencies.)