The formal banking sector in Assam endures to strengthen its existence across the state, with total savings through bank deposits achieving an all-time high of Rs.2,23,478 crore.
The sharp rise in deposits reflects a rising trust in institutional banking and a change towards formal financial practices.
Officials have credited the rise to several government initiatives aimed at deepening financial presence. Over the last few years, Assam has seen a flow in banking outreach, facilitated by the opening of new branches, the assignment of mobile banking units in isolated areas, and the application of digital banking answers.
According to data from the Reserve Bank of India (RBI), the financial inclusion index in the northeastern states has shown steady growth, with Assam outdoing several states in key pointers such as access to banking, usage of digital payment platforms, and upsurge in Jan Dhan accounts.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), a flagship financial inclusion scheme launched in 2014, has played a crucial role in this growth. Assam alone has over 2.5 crore Jan Dhan accounts as of 2024, many of them held by women and other individuals in rural areas.
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Joined with Direct Benefit Transfers (DBTs) and the widespread adoption of Aadhaar-based services, banking in the state has become more inclusive and well-organised.
Moreover, state-backed advantages such as the Assam Micro-Finance Incentive and Relief Scheme (AMFIRS) have further reinforced the association between formal financial institutions and the public, particularly among women-led self-help groups (SHGs).
As digital banking gains momentum and infrastructure improves, Assam is composed to reach its goal of universal banking access, safeguarding that every citizen, irrespective of geography or income, can contribute to the formal economy.
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