Nagaland: Naga business body, SBI renew MoU to boost local entrepreneurs

Dimapur: The Business Association of Nagas (BAN) and the State Bank of India (SBI) renewed their MoU at the SBI regional office in Dimapur on Wednesday, reaffirming their commitment to act as catalysts for the economic development of local entrepreneurs in Nagaland.

The renewal marks three years of sustained collaboration aimed at empowering local entrepreneurship and enhancing access to formal credit in the state, a BAN release said.

A key feature of the MoU is the formalization of dedicated nodal officials from both SBI and BAN.

These designated representatives will ensure streamlined coordination and efficient operations, with a specific focus on improving credit access for Farmer Producer Organisations (FPOs).

Speaking on the occasion, BAN president L Mongkum Jamir emphasized the association’s continued focus on enhancing financial literacy among its members and facilitating smoother credit linkages.

He expressed appreciation for SBI’s consistent support in nurturing entrepreneurship across Nagaland and creating a robust business ecosystem in the state.

Hubert AS Wungshim, assistant general manager at the 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 added.

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.