Kamalanagar, December 15, 2014: The long wait for a Branch of Mizoram Rural Bank at Kamalanagar is finally over. Today, a branch has been opened inaugurated by Dangu Buddha Lila Chakma, CEM, CADC. It has been the effort of successive authorities of CADC to establish a branch of MRB at Kamalanagar.
The opening programme of the Branch was attended by leaders and prominent citizens. The efforts to set up the branch was all praised and appreciated though the general opinion was that it was long due that the branch should have been opened.
So far Kamalanagar had a lone SBI Branch which enjoys a monopoly in the area. The customers will no more be at the mercy the SBI branch and can have a choice of preference.
As per the officials of Mizoram Rural Bank the Kamalanagar Branch is its 77th Branch. It was announced that to start the Branch shall have provision for availing Housing Loan, Business Loan, personal Loan, Agriculture Loan besides normal facilities for opening different types of account, Recurring Deposit, Term Deposit and Fixed Deposit.
The setting up of the Branch signals that the economy of the area is all set to take a leap. Lack of banking facilities in the area has been one of the primary reasons for its backwardness. Before the arrival of the lone SBI Branch the people of the area had no access to banking. The employees of CADC had to depend for loan under HUDCO. The ordinary citizens of the area belonging to traders and farming community had no option at their disposal for availing loan because of absence of access to banking facility.