Inauguration of slice small finance bank Wokha Branch by Dr. Chumben Murry, Advisor to CM and Cash counter inauguration by Vineet Kumar, IAS, DC Wokha. (Morung Photo)
Morung Express News
Wokha | August 30
‘slice small finance bank’ (formerly known as North East Small Finance Bank Limited) inaugurated its new branch in Wokha on August 30, with Dr Chumben Murry, Advisor to the Chief Minister, Government of Nagaland, as the chief guest and Vineet Kumar (IAS), Deputy Commissioner of Wokha, as the guest of honour.
Speaking at the inaugural programme, Dr Murry described the launch as “one of the most important functions in recent days,” underscoring the significance of the new branch for the economic wellbeing of the district.
He noted that banking is not merely about financial transactions but about empowerment to save, invest, and prepare for the future. Referring to Wokha as the “land of plenty,” Dr Murry highlighted its rich natural resources and human capital. “It is important to recognise the abundance of our youth force and to give due importance to women’s empowerment,” he said.
Encouraging people to cultivate a culture of saving and investment, the Advisor observed that while many open accounts today, true benefits come when deposits are put to meaningful use. He welcomed the bank’s assurance of competitive interest rates, calling it a positive opportunity for farmers, women, and young entrepreneurs.
Dr Murry further stressed that the future of economic growth lies beyond government jobs, encouraging the public to look towards small and micro businesses as stepping stones to larger enterprises. He also underlined the need for easy access to credit to support such ventures.
Sharing a personal reflection, he reminded the gathering of the importance of planning for long-term financial security, particularly in health and retirement. “The habit of saving should start early, not only for immediate needs but also for one’s entire life,” he advised.
In his address, the DC Wokha described the inauguration as a celebration of Wokha’s entrepreneurial spirit, noting that the district, despite its modest population, already hosts more than ten bank branches. “The presence of so many banks in Wokha reflects the recognition of this district’s potential,” Kumar remarked.
He lauded slice small finance bank as a unique institution that began its journey in the North East before expanding across the country. “Because of its roots here, slice SFB understands the opportunities and challenges of this region better than many others,” he said, welcoming the bank’s decision to open its branch in Wokha.
Acknowledging that much of the local economy still operates outside formal banking systems, Kumar highlighted the persistent challenge of people turning to moneylenders who charge high interest rates despite the presence of formal institutions. He pointed out that one reason could be the complexity of banking procedures and the lack of trust between people and financial institutions.
In this regard, he urged banks to go beyond their commercial role and act as facilitation and training centres where people can learn how to access financial services. “There is a need for hand-holding support so that more people, especially entrepreneurs and youth, can confidently enter the formal financial sector,” he said.
Speaking on the occasion, Seiboi Khongsai, Zonal Head for Meghalaya and Nagaland, in his welcome addressed highlighted Wokha’s unique identity, known for its scenic landscape, rich flora and fauna, and as the roosting ground of the Amur Falcon. He referred to Wokha as the “land of plenty” and said the new branch symbolised the bank’s commitment to contribute to the economic growth of the district and beyond.
Announcing that the branch opened with a general ledger deposit of Rs 2 crore, Khongsai described it as a significant milestone for the bank’s journey in Nagaland. “This achievement gives us both courage and hope, while also challenging us to provide the best services not only to Wokha town but also to the adjoining areas,” he stated.
Expressing optimism, Khongsai likened the inauguration to the planting of a seed that would one day grow into a meaningful tree, offering financial support and opportunities to people across the district. He affirmed slice SFB’s commitment to bringing inclusive banking services closer to the community.
Pranjal Medhi, Liability Head at the Guwahati Head Office, in his address, highlighted the bank’s journey over the past eight years, noting that Wokha is now home to slice SFB’s, the sixth in Nagaland.
Medhi stressed that the bank is not only focused on accepting deposits but also committed to providing loans and credit facilities to help people improve their livelihoods and become entrepreneurs. “We want to partner with the people of Wokha, to help them grow, start new businesses, and create opportunities,” he said.
He further emphasised that slice SFB offers competitive interest rates, with 5.5% daily interest on savings accounts and some of the best fixed deposit interest upto 8.50% in the country. These, he explained, are designed to encourage saving habits while giving customers better returns.
Highlighting the bank’s philosophy of reinvestment, Medhi assured that “whatever money we are getting in terms of deposits, we want it to be invested back in this state, to give it back to the people here and help them grow.”
The programme also featured short addresses from representatives of the Lotha Hoho and Dr Thungdemo Kyong, President of Team Metamorphosis. The dedication prayer was pronounced by Pastor Khoben Tungoe of Tchuphyangza Baptist Church, followed by the official branch inauguration by the chief guest and the inauguration of the cash counter by the guest of honour.
The event was chaired by Achamo Y. Erui, Zonal Business Manager (L) Nagaland State & Branch Head, and attended by officials, community leaders, and representatives of various organisations.
