Aizawl, May 2: Mizoram Chief Minister Lalduhoma highlighted the need to enhance financial literacy across the state, particularly in rural areas, during a conference of branch managers of the Mizoram Rural Bank held in Aizawl on Saturday. He underscored the importance of accessible and efficient banking services for the people.
Expressing pride in Mizoram being home to one of India’s most progressive regional rural banks, the Chief Minister commended the continuous growth and achievements of the Mizoram Rural Bank, particularly its impressive loan-to-deposit ratio. He noted that a high loan-to-deposit ratio reflects the bank’s commitment to reinvesting deposits back into the community, which is essential for economic development.
The Chief Minister emphasized the crucial role of branch managers in implementing government policies at the grassroots level, especially in key initiatives like the Bana Kaih Handholding scheme. He stated that the bank has immense potential to contribute to the state’s development and expressed high hopes for its continued improvement. He urged the Mizoram Rural Bank to expand its reach to better meet the needs of the public while maintaining its commendable efforts.
Congratulating the bank for its outstanding performance in the previous year, the Chief Minister assured that the government would continue to fully support the growth and public service of the Mizoram Rural Bank.
Sheryl L. Vanchong, the Chairperson of Mizoram Rural Bank, shared insights about the bank’s progress over the past year and expressed gratitude for the Chief Minister’s presence. Established on September 27, 1983, the Mizoram Rural Bank is jointly owned by the Government of India (15% stake), State Bank of India (35% stake), and the Mizoram Government (50% stake).
Currently, the bank operates two regional offices and 106 branches, with 60 located in rural areas and employs 491 staff members. In the last financial year, the Mizoram Rural Bank recorded deposits of ₹6,526.10 crore, exceeding its target by ₹682.11 crore, with a growth rate of 11.26%. The total loans amounted to ₹4,129.98 crore, surpassing the target by over ₹300 crore.
The bank earned a net profit of ₹152.27 crore, with a loan-to-deposit ratio of 63.28%, the highest in Mizoram. The total business reached ₹10,656.08 crore, with an average business of ₹100 crore per branch, making the Mizoram Rural Bank one of only four regional rural banks in India to achieve this milestone.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
