Mizoram Rural Bank, established on 27th September 1983 under the Regional Rural Bank Act 1975 is perhaps the only RRB in the country having a spread in all the districts and blocks of a state. It covers 8 districts and 25 RD blocks including 1 urban and 11 semi urban centres. The entire state population is 10.91 lakhs as per 2011 census and the area is 21081 sq.km. About 66% of the state is covered by forests and the mainstay of occupation is agriculture. Mizoram became a State as late as in 1986 yet its literacy percentage is 91.58 %, the second highest in the country. The entire area except a few river valley plains in some pockets is hilly terrain undulated by rivers with rugged rapids. The state is declared the greenest State in India. Rich in flora and fauna forming a part of the extension of the great Himalayan ranges it is covered with evergreen forests with scenic beauty. The bank is the second largest bank in the State next to the lead as well as sponsor bank, the State Bank of India. It has a market share of 26.30% in deposits and 28.38% in advances.
The Bank witnessed significant development as well as improvement in some key areas. A brief report on the new development during the year may be presented as under :
a) New Developments :
• CGTMSE: The Bank has become the 100th Member Lending Institution of the CGTMSE.
• SBI Life: Corporate Agency Tie Up Agreement has been signed with the SBI Life. A target of Rs 150 lakhs as premium and Rs. 15 lakhs as commission has been allotted to the Bank.
• State Channelising Agency: The Bank has been appointed State Chanelising Agency of the National Handicap Development Finance Corporation (NHFDC) for financing physically challenged persons. A MoU has been signed with the State Social Welfare Department.
• Opening of Regional Office: In terms of the Usha Thorat Committee recommendation the Bank opened Regional Office at Aizawl.
• Opening of Branch: The 77th Branch was opened at Kamalanagar. The Bank has covered all blocks as well as Districts in the entire State thus fulfilling its mandate of bringing more uncovered centres in the remote and rural areas.
• CBS: All the 77 Branches of the Bank are working on CBS (Core Banking Solution). All Branches are RTGS/NEFT enabled.
• Internet Banking : All the customers of our Bank can view and download their transactions history or statements through Internet Banking. Customers may apply at their respective Home Branches.
• Tied up with NSTFDC for Refinance.
• Tied up with National Housing Bank (NHB) for Refinance.
• Solar Home Light Scheme introduced.
• The Bank has started issuing Rupay Debit Card (ATM) and Rupay Kisan Card which can be used all over India in any Bank's ATM.
• NPCI Certification for DBTL (Gas Subsidy) is done and Account Holder started receiving Gas Subsidy through their MRB Accounts.
b) Business Development :
• The Bank surpassed its target in all the three key areas of performance such as deposits, advances and profit. Its performance under Govt. sponsored schemes such as KCC, SGSY, GCC and opening of No frills accounts under the NREGS has been good accounting for more than 50% of the aggregate figures of all banks operating in the state.
• The Bank has also wiped out its accumulated loss following significant improvement in its assets block and improved management of assets and liability. It has now joined the elite group of the “Sustainable Viable” RRBs.