Banks hesitate to give loans as Nagas lack ‘credit discipline’, says Nagaland legislator

Our Reporter

Dimapur, July 23 (EMN): Nagas lack “credit discipline” and therefore many banks in Nagaland hesitate to give loans, asserted Moatoshi Longkumer, Member of Legislative Assembly (MLA), Nagaland.

He was addressing a programme on the SVANidhi Mahotsav scheme; and celebration of AtmaNirbhar street vendors at Supermarket, Dimapur on Saturday.

He stated that if Nagas follow credit discipline, they can catch up with the rest of the country. Longkumer added that there were many Nagas who do not know the art of saving money and spend more than they earn.

“We have to understand that we need to change our lifestyle and so we need to improve our saving character,” he urged.

He also urged the vendors and traders to avail the SVANidhi scheme and follow proper guidelines so that they can benefit from it.

The programme was sponsored by State Urban development Agency, Nagaland and organised by Dimapur District Urban Development Agency and Dimapur Municipal Council (DMC).

One of the beneficiaries, Rita Ghos,h thanked the government for giving the street vendors an identity, and shared that the scheme is helping her business.

Another beneficiary, Kesiateilak also thanked the government for providing loans through which they have been able to take their activities and business forward. She appealed to the government to continue to help and support them.

Administrator of DMC, Albert Ezung highlighted that the scheme is mainly for small time traders and vendors, where they can avail a loan of INR 10,000 at an affordable interest rate. If they are able to pay back the loan on time, they can further avail INR 20,000 and likewise avail loans up to INR 50,000.

Other activities during the event included digital training, distribution of parichay boards and QR codes, registration of new street vendors, food stalls, and exhibition cum sale of self-help group (SHG) products.

Around 40 SHG stalls and 40 street vendors participated in the celebration. The programme also saw New Market street vendors performing a song, a folk song by Sieringmaa SHG, folk dance by Donthao SHG and Nuttak Natak by TRIONIX dance studio.