The Business Association of Nagas (BAN) and the State Bank of India (SBI) renewed their Memorandum of Understanding (MoU) held at the SBI Regional Office today. This renewal marks three years of sustained collaboration aimed at empowering local entrepreneurship and enhancing access to formal credit in the state.

Under the renewed agreement, both institutions reaffirmed their commitment to act as catalysts for economic development. BAN would continue to serve as a vital bridge connecting entrepreneurs and business enterprises with SBI’s financial services and products.

L Mongkum Jamir, President of BAN underscored the association’s continued focus on improving financial literacy among its members and facilitating smoother credit linkages. He expressed his appreciation for SBI’s consistent support in nurturing entrepreneurship across Nagaland creating business ecosystem in the state.

A key feature of the MoU is the formalization of dedicated nodal officials from both SBI and BAN. These designated representatives would ensure streamlined coordination and efficient operations, with a specific focus on enhancing credit access for Farmer Producer Organizations (FPOs).

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Speaking at the event, Hubert AS Wungshim, Assistant General Manager, SBI Regional Office, highlighted the pivotal role of banking institutions in driving state and national economic growth.

“As the lead bank in the region, SBI remains deeply committed to expanding financial inclusion, reaching unbanked areas, and actively promoting entrepreneurial success through strategic partnerships,” he said.

The renewed collaboration signifies a strengthened resolve to bolster Nagaland’s economic landscape by supporting existing businesses, encouraging new ventures, and creating a more accessible financial environment, a press release issued by BAN stated.