KOHIMA, NOV 14 (DIPR): Reserve Bank of India (RBI) Governor Dr YV Reddy today said that Nagaland’s fiscal policy is quite satisfactory and assured that the RBI would step up its support to the extent possible in a bid to speed up overall development of the state.
Addressing a meeting of state government officials, bankers and officials from various financial institutions in the Zonal Council Hall in Kohima, Dr Reddy observed that there has been remarkable improvement in the Credit Deposit (CD) Ratio in the past two years and assured that the RBI would play a greater role in ensuring better credit flow to the state by adopting a more simplified and flexible approach. Responding to the comments of the Chief Secretary Talitemjen on lack of banking culture among the people in the state, Dr Reddy asked all the banks to adopt a mechanism to ensure that people are connected. He also suggested that the institution of Village Development Boards should be considered as an instrument of development at the grass root level and more credit should be given to them. The Governor even suggested the opening of Zero Balance Accounts for village functionaries.
Addressing the meeting, Chief Secretary Talitemjen requested the Governor to consider opening SBI branches at the Block level. He hoped that spreading SBI branches in rural areas would help connect the people. Development and Planning Commissioner, Lalhuma, Finance Commissioner, HK Khulu and Agriculture Production Commissioner, Alemtemshi also spoke on the occasion. Officials from various banks and financial institutions also shared their activities with the visiting RBI Governor.
Dr Reddy, who arrived in Dimapur yesterday on a two day visit to Nagaland, reached Kohima this morning. The RBI Governor also met the Chief Minister after the meeting with government officials and bankers.
