Aizawl, Dec 18: The Government of Mizoram has entered into a Memorandum of Agreement (MoA) with three major banks—State Bank of India (SBI), Mizoram Rural Bank (MRB), and Mizoram Co-operative Apex Bank Ltd. (MCAB)—to roll out the Bana Kaih Scheme. The MoA was signed on December 18, 2024, at the Chief Minister’s Conference Hall in Aizawl, with Chief Minister Pu Lalduhoma presiding over the event.
The Bana Kaih Scheme is designed to offer financial assistance to eligible individuals through loans from the partner banks, with the state government acting as a guarantor. One of the key features of the scheme is the provision of up to 100% interest subvention for timely repayment of loans, reducing the financial burden on borrowers and encouraging self-sufficiency. This initiative aligns with the national vision of a “Viksit Bharat” (Developed India) and contributes to the United Nations Sustainable Development Goals (SDGs).
The MoA was signed by Pu Lalmalsawma Pachuau, Secretary of the Planning & Programme Implementation Department, on behalf of the Government of Mizoram. Dr. Lalrinchhana, Principal Adviser-cum-Additional Secretary, and representatives from the partner banks also attended the signing ceremony:
SBI: Pu Hubert S.Z. Khobung, Regional Manager, and Pu Neeraj Kapoor, Deputy General Manager.
MRB: Pi Sheryl L. Vanchhong, Chairman, and Pu Naveen Thapa, Chief Manager of Loans & NPA.
MCAB: Pu A. Lallungmuana, CEO, and Pu H. Lalramdina, Assistant General Manager.
Following the MoA signing, Chief Minister Pu Lalduhoma launched the Chief Minister’s Bana Kaih Innovation Challenge, aimed at promoting innovation across different sectors in Mizoram. The challenge consists of four components:
1. Department Innovation Challenge: Government departments will present innovative solutions to address specific challenges.
2. District Innovation Challenge: Districts, along with NGOs, Local Councils, SHGs, and PACS, will collaborate to address local issues.
3. Higher Educational Institutes’ Local Immersion Challenge: Students from Mizoram’s colleges will engage in fieldwork to solve community problems.
4. Inventor’s Challenge: Innovators will showcase new ideas and technologies to contribute to the state’s development.
Winners of the innovation challenges will be awarded prizes, and the Planning & Programme Implementation Department will oversee the execution of the initiatives. The combined efforts of the Bana Kaih Scheme and Innovation Challenge are expected to drive economic growth, innovation, and sustainability in Mizoram.
