Guwahati, June 17: Tata Trusts Chairman Ratan Tata and Assam's Finance Minister Himanta Biswa Sarma on Sunday launched the first 28 branches of the North East Small Finance Bank (NESFB), the region's first small bank.
"If India has to grow as a prosperous place, we need to create opportunities and entrepreneurship," Tata said at the function here.
The Tata Trusts Chairman, through the investment arm RNT Associates, has invested Rs 40 crore in the bank.
"Most of us who have seen the growth and prosperity in India have to admit that it has been easy for borrowers to find funds to grow. However, there is a vast number of people in India who have been either under served or not served at all and finance is not available.
"I wish the bank every success and the Tata Trusts has been very happy to participate and play a role in spreading prosperity to millions of people who do not have access to funds and the opportunity," said Tata.
RGVN (North East) Microfinance Ltd got the Reserve Bank of India's Small Finance Bank license on March 31, 2017 mandating it to carry out banking services in remote and "unbanked" areas of the eight states of northeast India, as well as in West Bengal and registered a public limited company by the name of North East Small Finance Bank Ltd.
"We are starting with 28 branches and will soon add another 80 branches. After that (we plan to) have branches in all the northeastern states," the bank's Managing Director Rupali Kalita said at a press conference earlier in the day.
The North East Small Finance Bank Ltd which has a net worth of Rs 300 crore is supported by infusion of funds from domestic and overseas investors.
"During the years of operation RGVN (NE) MFL got equity investment and able support from Small Industries Development Bank of India (SIDBI), the North Eastern Development Finance Corporation Ltd, Opportunity International, Australia (through DiaVikas Capital Pvt Ltd (India), Brahmaputra Community Development Trust, Norways's Nordic Microfinance Initiative, and Oiko Credit Netherlands," a bank official said.
Fresh equity for strengthening the capital base to promote the banking company was received from the SIDBI as well as SIDBI Venture Capital, RNT Associates Pvt Ltd, Pi Ventures LLP, Bajaj Allianz Life Insurance Company, Nordic Microfinance Initiative, and DiaVikas Capital.
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New Delhi (PTI): Soon after the Centre notified the appointment of Gyanesh Kumar as the chief election commissioner on Monday, the Congress said the hastily-taken decision shows that the government is keen on circumventing the Supreme Court's scrutiny and getting the appointment done before a clear order kicks in.
Congress general secretary K C Venugopal said in a hasty midnight move, the government has notified the appointment of the new CEC.
"This goes against the spirit of our Constitution, and what has been reiterated by the Supreme Court in many cases -- for the electoral process to have sanctity, the CEC must be an impartial stakeholder," Venugopal said in a post on X.
The amended law dealing with the appointment of election commissioners has removed the chief justice of India (CJI) from the CEC selection panel and the government ought to have waited until the apex court's hearing in the matter on Wednesday (February 19) before selecting the officer, he said.
"Their decision to hastily hold the meeting today and appoint the new EC shows they are keen to circumvent the Supreme Court's scrutiny and get the appointment done before a clear order kicks in.
"Such egregious behaviour only confirms the doubts that many have expressed about how the ruling regime is destroying the electoral process and bending the rules for its benefit. Be it fake voter lists, schedules favouring the BJP, or concerns around EVM hacking -- the government and the CECs it appoints are subject to deep suspicion because of such incidents," Venugopal said.
He said as Leader of Opposition in the Lok Sabha Rahul Gandhi had rightly pointed out, the decision should have been kept aside until the apex court decided the issue in line with the Constitution.