Mizoram Signs Key Agreement for Bana Kaih Scheme
On December 18, 2024, the Government of Mizoram, under the leadership of Chief Minister Pu Lalduhoma, signed a Memorandum of Agreement (MoA) with three partner banks: State Bank of India (SBI), Mizoram Rural Bank (MRB), and Mizoram Co-operative Apex Bank Ltd. (MCAB). This significant agreement aims to facilitate loan disbursement under the Bana Kaih Scheme, a program designed to promote economic self-reliance and development within the state.
Bana Kaih Scheme: Empowering Self-Reliance
The Bana Kaih Scheme is a flagship initiative by the Mizoram Government, designed to contribute to the vision of a Viksit Bharat (Developed India), aligning with the United Nations Sustainable Development Goals (SDGs). Under this scheme, eligible individuals and businesses will receive financial support in the form of loans from the partner banks, with the state government acting as a guarantor. Interest subvention of up to 100% is offered to those who make regular repayments, promoting financial stability and encouraging timely repayment.
MoA Signing Ceremony
The MoA signing took place at the Chief Minister’s Conference Hall, with Pu Lalmalsawma Pachuau, Secretary of Planning & Programme Implementation, presiding over the event. Representatives from the three banks were also present:
- State Bank of India (SBI): Pu Hubert S.Z. Khobung, Regional Manager of the Regional Business Office in Aizawl, signed the agreement for SBI.
- Mizoram Rural Bank (MRB): Pi Sheryl L. Vanchhong, Chairman of MRB, signed on behalf of the bank.
- Mizoram Co-operative Apex Bank Ltd. (MCAB): Pu A. Lallungmuana, CEO of MCAB, signed for the bank.
Chief Minister Launches Innovation Challenge
In addition to the MoA signing, Chief Minister Pu Lalduhoma launched the Chief Minister’s Bana Kaih Innovation Challenge. This initiative aims to foster creativity and innovation across multiple sectors in Mizoram through a series of competitive events:
- Department Innovation Challenge: Government departments will propose innovative solutions to local challenges.
- District Innovation Challenge: Districts across Mizoram, including NGOs, Local Councils, and Self-Help Groups, will compete to tackle district-specific issues.
- Higher Educational Institutes’ Local Immersion Challenge: Colleges in Mizoram will engage students to identify and solve local problems through fieldwork.
- Inventor’s Challenge: Innovators will present new ideas, technologies, or methods that can advance the state.
Top performers in these challenges will receive prizes, with the Planning & Programme Implementation Department overseeing the execution of these initiatives.
Mizoram’s Commitment to Innovation and Growth
The signing of the MoA and the launch of the Innovation Challenge underscore Mizoram’s commitment to fostering economic growth, self-reliance, and innovation in the state. These efforts are expected to bring long-term benefits to the people of Mizoram, promoting a culture of progress and sustainability.
