Shillong Oct 9: The MUDRA Promotion Campaign  was inaugurated today by  Union Minister of State for Defence, Dr. Subhash Ramrao at U Soso Tham Auditorium, Shillong.

Addressing the gathering as Chief Guest, Union Minister of State for Defence, Dr. Subhash Ramrao Bhamre said that Mudra and Stand-Up India scheme will bring about a massive transformation to the youth of the nation.

He informed that the scheme was launched by the Prime Minister of India, Shri Narendra Modi on 8th April, 2015 to ‘fund the unfunded’ by bringing enterprises to the formal financial system and extending affordable credit to the entrepreneurs to grow their businesses.

The Union MoS also requested the people of the State to opt for digital payments in their day to day transactions to make the State and the country a cashless society.

Earlier , Meghalaya Taxation Minister, Shri Zenith M. Sangma informed the gathering that there are 36 banking institutions functioning in the State, out of which 21 are Public Sector Banks, 10 are Private Banks, 1 Rural Bank and 4 Cooperative Banks and about 395 bank branches in the State with 51% coverage in rural areas where only about 20% of the rural areas have access to ATMs.

Lack of awareness about the financial support system, unavailability of banking facilities and financial assistance in the rural areas, people are often forced to borrow from other sources for financial support which limits their higher borrowing capacity and hence the gap in financial inclusion, Sangma said.

The scheme will not only ensure greater connectivity, but will also bridge the financial inclusion gaps and provide a better social security cover for the people, he added.

During the programme token loans are being distributed  to the beneficiaries .