Mizoram Government signs MoA with partner banks for Bana Kaih Scheme and launches innovation challenge

The Government of Mizoram, under the leadership of Chief Minister Pu Lalduhoma, today, December 18 signed a Memorandum of Agreement (MoA) with three partner banks—State Bank of India (SBI), Mizoram Rural Bank (MRB), and Mizoram Co-operative Apex Bank Ltd. (MCAB)—to facilitate loan disbursement under the Bana Kaih Scheme. The MoA was signed at the Chief Minister's Conference Hall, marking a significant step in the state’s efforts to promote self-reliance and economic development.

Alongside the MoA signing, the Chief Minister also launched the Chief Minister's Bana Kaih Innovation Challenge, a new initiative aimed at fostering creativity and innovation across various sectors in the state.

The Bana Kaih Scheme, a flagship programme of the Mizoram Government, is designed to contribute to India’s vision of a Viksit Bharat (Developed India) and align with the United Nations Sustainable Development Goals (SDGs). The scheme offers financial support to eligible partners through loans from the three partner banks, with the government acting as a guarantor. For those who repay their loans regularly, the government will offer interest subvention of up to 100%, alleviating the financial burden and promoting timely repayments.

The signing ceremony was chaired by Pu Lalmalsawma Pachuau, Secretary of Planning & Programme Implementation, with Dr. Lalrinchhana, Principal Adviser-cum-Additional Secretary, also present. The MoA was signed by Pu Lalmalsawma Pachuau on behalf of the Mizoram Government, and the respective bank representatives included:

State Bank of India (SBI): Pu Hubert S.Z. Khobung, Regional Manager of the Regional Business Office in Aizawl, signed on behalf of SBI, with Pu Neeraj Kapoor, Deputy General Manager, as a witness.

Mizoram Rural Bank (MRB): Pi Sheryl L. Vanchhong, Chairman of MRB, signed the agreement, with Pu Naveen Thapa, Chief Manager of Loans & NPA, witnessing the event.

Mizoram Co-operative Apex Bank Ltd. (MCAB): Pu A. Lallungmuana, CEO of MCAB, signed on behalf of the bank, with Pu H. Lalramdina, Assistant General Manager, witnessing the signing.

Following the MoA signing, Chief Minister Pu Lalduhoma launched the Chief Minister's Bana Kaih Innovation Challenge, which will include multiple competitive events aimed at driving innovation:

Department Innovation Challenge: Government departments will propose specific projects, competing to provide innovative solutions to local challenges.

District Innovation Challenge: Districts across Mizoram, led by District Commissioners, will participate, along with NGOs, Local Councils, Self-Help Groups, PACS, and registered societies.

Higher Educational Institutes' Local Immersion Challenge: Colleges in Mizoram will engage students in fieldwork to identify local issues and propose solutions.

Inventor's Challenge: This challenge invites innovators to present new ideas, technologies, or methods that can bring about significant advancements for the state.

Top performers in these challenges will be awarded prizes, with the Planning & Programme Implementation Department overseeing the execution of these initiatives.

The launch of these initiatives demonstrates Mizoram’s commitment to fostering a culture of innovation and economic growth, benefiting both the state and its people.