Mizoram govt signs MoA with partner banks for Bana Kaih Scheme; launches CM's Bana Kaih Innovation Challenge

Aizawl (Mizoram) [India], December 19 (ANI): A Memorandum of Agreement (MoA) was signed between the Government of Mizoram and Partner Banks--State Bank of India (SBI), Mizoram Rural Bank (MRB), and Mizoram Co-operative Apex Bank Ltd. (MCAB) on Wednesday in presence of Mizoram Chief Minister Lalduhoma.
The MoA was signed for loan disbursement under the Bana Kaih Scheme at the Chief Minister's Conference Hall in Aizawl.
Lalduhoma also officially launched the Chief Minister's Bana Kaih Innovation Challenge.
The Bana Kaih Scheme is the flagship programme of the Mizoram Government, Aaimed at fostering self-reliance and inclusive economic development in the state. The primary objective of the scheme is to contribute to the realization of Viksit Bharat (Developed India) and the achievement of the United Nations Sustainable Development Goals (SDGs).
One of the key components of the scheme is Handholding to Progress Partners, under which eligible partners are provided loans from the partner banks. The government acts as a guarantor for these loans.
Furthermore, for partners who repay their loans regularly, the government will provide interest subvention of up to 100%, thereby easing the financial burden on beneficiaries and encouraging timely repayment.
The signing ceremony was chaired by Lalmalsawma Pachuau, Secretary of Planning & Programme Implementation. During the event, Vanlaldina Fanai, Commissioner & Secretary to the Government of Mizoram, delivered the welcome speech to all attendees.
The MoA was signed on behalf of the Government of Mizoram by Lalmalsawma Pachuau, Secretary of the Planning & Programme Implementation Department, and witnessed by Lalrinchhana, Principal Adviser-cum-Additional Secretary of the same department.
From the partner bank - State Bank of India (SBI), the agreement was signed by Hubert S.Z. Khobung, Regional Manager of the Regional Business Office in Aizawl, with Neeraj Kapoor, Deputy General Manager of the Local Head Office in Guwahati, as a witness.
For Mizoram Rural Bank (MRB), the agreement was signed by Sheryl L. Vanchhong, Chairman of MRB, with Naveen Thapa, Chief Manager of Loans & NPA, as a witness.
For Mizoram Co-operative Apex Bank Ltd. (MCAB), the agreement was signed by A. Lallungmuana, Chief Executive Officer of MCAB, with H. Lalramdina, Assistant General Manager, as a witness.
Following the signing of the agreement, Lalduhoma officially launched the Chief Minister's Bana Kaih Innovation Challenge.
Under the Bana Kaih Innovation Challenge, several competitive events will be organized, including - the Department Innovation Challenge: Various government departments will propose and compete with specific projects aimed at delivering innovative solutions; District Innovation Challenge: All districts in Mizoram will participate in this challenge, led by their respective District Commissioners (DCs). NGOs, Local Councils (LCs)/Village Councils (VCs), Self-Help Groups (SHGs), Primary Agricultural Credit Societies (PACS), and registered societies will also be eligible to take part; Higher Educational Institutes' Local Immersion Challenge: Government, central, and private colleges in Mizoram will be encouraged to participate. Students will engage in fieldwork to identify local challenges and propose practical solutions to address them; Inventor's Challenge: This challenge is designed for innovators to present new ideas, practical solutions, and ground-breaking projects that can lead to significant progress for Mizoram. Innovations in technology, methods, or inventions that can drive transformation will be welcomed.
The best performers in these challenges will be rewarded with prizes.
The Planning & Programme Implementation Department will oversee and coordinate the smooth execution of these challenges. (ANI)