Meghalaya Plans ‘Seed Money’ For The Weaker Section

Shillong, Mar 29 : The Meghalaya government has planned to arrange ''seed money'' to the weaker sections of society to raise loans and take up income generating schemes. "The government is planning to introduce a scheme to provide seed capital to beneficiaries to raise loans and take up income generating schemes.

This will facilitate the enhancement of the flow of credit to marginal farmers, especially BPL families," Finance Minister Mukul Sangma told PTI. An amount of Rs 5,000 is proposed to be provided to a family as seed money for opening bank accounts. "At the initial stage, 6,000 families are proposed to be covered, with an outlay of Rs 3 crore," Sangma said.

The financial inclusion, he said, will ensure access to financial services and timely credit to the weaker sections of the society, especially those residing in rural areas as banks have been requested by RBI to open at least one account for each family. Initially four districts East Khasi Hills, Jaintia Hills, Ri Bhoi and West Garo Hills have been identified for 100 per cent financial inclusion.

"The deputy commissioners have been asked to assist the banks in a village household survey to be conducted through the block development officers," Sangma said.

PTI