Nagaland’s Advisor for CAWD and Taxes, Kudecho Khamo, on Monday underscored the need for banks to play a proactive role in economic development rather than limiting their function to collecting deposits. “Banks must not focus only on deposits but also on building the economy through seamless loans for economic growth and development of the society,” he stated during the inauguration of the State Bank of India (SBI) Chetheba Branch in Phek district.
Calling it a landmark moment for Chetheba and nearby villages, Khamo remarked that the significance lay not just in opening a bank, but in “the opening of new opportunities, new possibilities, and the unlocking of financial doors for the people.” With this new branch, he said, “basic and essential financial services are now available at the doorstep, bringing the local community closer to the rest of the country and the world.”
Khamo recalled the earlier difficulties villagers faced in accessing banking, often travelling long distances to Chozuba. The presence of the branch will now ease those challenges and “boost the local economy… empower citizens, uplift farmers, and support entrepreneurs.” With access to financial services, “the people of Chetheba can dream bigger and plan better.”
He credited the collective efforts of the local community for this achievement and envisioned a “sustainable and resilient economy that can propel society towards progress and development.”
Highlighting broader concerns, Khamo noted that out of 75 RD Blocks in Nagaland, 20 still remain unbanked. Of the 245 bank branches as of December 2024, 57% are concentrated in Kohima, Dimapur, and Chümoukedima.
He also said Nagaland’s Credit-Deposit (CD) Ratio stood at 63.84%—lower than the national average—and flagged underperformance by several banks: “Indian Bank at 31.54%, Bandhan Bank at 17.34%, Axis Bank at 28.15%, and Punjab & Sind Bank at 20.71%.”
Reiterating his point, he said, “banks must not focus solely on deposits but must actively contribute to building the economy through accessible and seamless loan services.”
SBI’s Surabhi Bhattacharya informed that the bank now has 76 branches in Nagaland and sought community support to take the new branch “to a great height.”
The programme also featured speeches, cultural items, and prayers, and was attended by legislators, officials, and community leaders.