Mizoram govt signs MoA with partner banks for Bana Kaih Scheme; launches CM's Bana Kaih Innovation Challenge

Edited and posted by Al Ngullie
December 19,2024 04:23 PM
HORNBILL TV

The Government of Mizoram has signed a Memorandum of Agreement with banks to facilitate loan disbursement under the Bana Kaih Scheme.

Aizawl (Mizoram) [India], December 19 (HBTV): The Government of Mizoram signed a Memorandum of Agreement (MoA) with partner banks—State Bank of India (SBI), Mizoram Rural Bank (MRB), and Mizoram Co-operative Apex Bank Ltd. (MCAB)—on Wednesday to facilitate loan disbursement under the Bana Kaih Scheme. The MoA was signed at the Chief Minister's Conference Hall in Aizawl, in the presence of Mizoram Chief Minister Lalduhoma.

Additionally, Chief Minister Lalduhoma officially launched the Chief Minister's Bana Kaih Innovation Challenge.

The Bana Kaih Scheme is the flagship programme of the Mizoram Government aimed at fostering self-reliance and inclusive economic development in the state. The primary objective of the scheme is to contribute to the realization of Viksit Bharat (Developed India) and the achievement of the United Nations Sustainable Development Goals (SDGs).

A key component of the scheme is the "Handholding to Progress Partners" initiative, where eligible partners are provided loans by the partner banks, with the government acting as a guarantor. For those who repay their loans regularly, the government will provide an interest subvention of up to 100%, easing the financial burden and encouraging timely repayment.

The signing ceremony was chaired by Lalmalsawma Pachuau, Secretary of Planning & Programme Implementation, and attended by Vanlaldina Fanai, Commissioner & Secretary to the Government of Mizoram, who delivered the welcome speech.

The MoA was signed on behalf of the Government of Mizoram by Lalmalsawma Pachuau, Secretary of the Planning & Programme Implementation Department, with Lalrinchhana, Principal Adviser-cum-Additional Secretary of the department, as a witness. Hubert S.Z. Khobung, Regional Manager of SBI’s Regional Business Office in Aizawl, signed the agreement on behalf of the State Bank of India, with Neeraj Kapoor, Deputy General Manager of the Local Head Office in Guwahati, as a witness. For Mizoram Rural Bank (MRB), the agreement was signed by Sheryl L. Vanchhong, Chairman of MRB, with Naveen Thapa, Chief Manager of Loans & NPA, as a witness. A. Lallungmuana, CEO of MCAB, signed for Mizoram Co-operative Apex Bank Ltd., with H. Lalramdina, Assistant General Manager, as a witness.

Following the MoA signing, Lalduhoma launched the Chief Minister’s Bana Kaih Innovation Challenge. The challenge will feature several competitive events:

  • Department Innovation Challenge: Various government departments will propose and compete with specific projects aimed at delivering innovative solutions.
  • District Innovation Challenge: All districts in Mizoram, led by their respective District Commissioners, will compete. Eligible participants also include NGOs, Local Councils (LCs)/Village Councils (VCs), Self-Help Groups (SHGs), Primary Agricultural Credit Societies (PACS), and registered societies.
  • Higher Educational Institutes' Local Immersion Challenge: Government, central, and private colleges in Mizoram will engage in fieldwork to identify local challenges and propose practical solutions.
  • Inventor's Challenge: Innovators will present new ideas, practical solutions, and groundbreaking projects that can significantly progress Mizoram.

The best performers in these challenges will receive prizes. The Planning & Programme Implementation Department will oversee and coordinate the execution of these challenges.

(ANI)