Axis And HDFC Reopen In Mokokchung - Eastern Mirror
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Axis and HDFC reopen in Mokokchung

By Our Correspondent Updated: Jan 19, 2018 11:25 pm
PMEGP beneficiaries unlocking the the shutter of HDFC Bank, Mokokchung Branch, following singing of MoU on January 19. (EM Images)

Mokokchung, Jan. 19 (EMN): Agitating beneficiaries of Prime Minister’s Employment Generation Programme (PMEGP) of 2014-17 on January 19 finally unlocked the Axis and HDFC banks in Mokokchung following intervention by the Finance Department (General Branch), Government of Nagaland, with the signing of Memorandum of Understanding (MoU) between the parties.

Three private banks namely ICICI, Axis and HDFC were forced shut down on December 20, 2017, by the agitating beneficiaries of 2014-17 for non-disbursement of PMEGP loans. However, ICICI bank was made to operate from January 3 after a written assurance to update the remaining beneficiaries file.

As per the letter No. FIN/GEN/SLBC /12/2012(PART) of the Finance Department (General Branch) dated January 16, it was “advised that selected PMEGP candidates for the year 2014-15 and 2015-16 whose loans have not been disbursed, may be considered for selection for the year 2018-19. It also requested that all efforts be made to find an amicable solution to the issue to enable the banks to function normally.

It was also known that the department had written separate letters to the headquarters of ICICI, Axis and HDFC banks pertaining to the current situation for immediate action to be taken to ensure that targeted beneficiaries under PMEGP be allotted loans by the respective banks in Mokokchung.

As suggested by the Finance Department (General Branch), an MoU was inked between the three banks, Mokokchung Deputy Commissioner, Ao Senden, AKM, MTLT and on behalf of the PMEGP beneficiaries in the office of the Deputy Commissioner, Mokokchung, on January 19.

According to the MoU, eligible interested PMEGP candidate for the year 2014-15 and 2015-16 whose loans have not been disbursed be selected for the year 2018-19 or a similar scheme for educated unemployed youth if the above scheme ceased to exist.

Axis Bank and HDFC Mokokchung Branch are now operational after missing more than 20 business days. Axis Bank official disclosed that the bank has incurred a loss of more than INR three crores of transactions during the locked down, while HDFC refused to comment on the issue.

By Our Correspondent Updated: Jan 19, 2018 11:25:16 pm
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