Nationalised banks plundering money in Arunachal: NERFECE

Itanagar, Jan 31 (UNI) The North East Regional Forum for Economic and Cultural Exchange (NERFECE) today alleged that the nationalized and private banking institutions in Arunachal Pradesh were looting public money without working for the interest of the indigenous tribal people.

Addressing a news conference, NERFECE's chairman Takam Padu said it was a serious mater as many financial institutions were deviating from their main objective of supporting state's economy by promoting industrial activities to entrepreneurs, Even they failed to support five per cent lending requirements of the state, he pointed out.

"Instead of supporting local entrepreneurs these institutions are looting public deposits running into crores and investing in big corporate houses outside the state in the form of shares and mutual funds'', he alleged.

While urging the institutions to liberalize their lending patterns and be sole part of building Arunachal's economy, the forum also threatened to serve quit notices to them if they failed to work in the state's interest.

''These banks never trust our entrepreneurs and whatever lending they made so far that too to non-Arunachalees'', Mr. Padu said adding, the forum had already submitted memorandums to various banks and their response were yet to come.

''We are ready for talks and to hammer out a solution how to develop entrepreneurs in the state through various schemes'', he said. Banks should work out a programme to identify genuine and potential entrepreneurs, he added.

Commenting on the modus operandi of the forum, the chairman informed that its main trust area was to promote bilateral economic and cultural ties between the Asian countries and to foster better relationship with each other.

UNI