North East region have a reason to celebrate, as they will get first Small Finance Bank

It’s a good news for North East citizens as Reserve Bank of India (RBI) has finally given nod to set up the North East Small Finance Bank, making it the first Small Finance Bank from Northeast region.

The bank “North East Small Finance Bank” and will be operational by 1st week of June 2017. 164 branch offices of the said bank would be spread across 9 states, including 8 states from Northeast and West Bengal, and will be inaugurated in phase wise.

164 branches also include interior areas of BTAD, Karbi Anglong, Nagaland, Arunachal Pradesh, Sikkim, Manipur, Mizoram, Meghalaya and Tripura, which are presently out of reach of the banking network.

Rupali Kalita, MD of NESFB said, ““We are now testing the core banking software in which all the 4.07 lakh clients of RGVN (NE) MFL will be on-boarded. The entire exercise will be completed and the bank will be ready to launch by first week of June 2017.

The bank is also planning to achieve a business of Rs. 1,100 Crore by March 2018 and ramp up to Rs. 2,000 Crore of business in 2 years’ time. NESFB has planned for various Liability products including Daily/Weekly Deposit Accounts, Fixed Deposit A/c, Savings Account, Current Account, etc. with competitive interest rates for the benefit of the region.