Imphal, November 06: Manipur has become the fourth State in the North East region, where ICICI Bank Limited has launched its Micro Credit, Micro Insurance and Business Correspondence Services. After Mizoram, Assam and Nagaland, the service was launched formally during a function at the banquet hall of Hotel Nirmala here today.

Dr M Nara, Director of IBSD Dr Ruhinikumar and Manager Channel Partners, ICICI Bank Anirban Sengupta attended the function as chief guest, president and guest of honour respectively.

The chief guest and the functional president handed over the loan amount and e-pass book to mark the launching of the services to be implemented in Manipur in association with Destitute Women Upliftment Society, Nagamapal.

Through its Micro Credit, Micro Insurance and Business Correspondence Services, the Bank is proposing to promote financial inclusion in Manipur through NGOs to include more people under the formal banking system by way of providing an entire gamut of financial servicessaving, credit, insurance and investment etc.

Under the model of Micro Credit, which has been described as small ticket size loan to individual and group for livelihood and income generating activities, Bank and Financial Information Network and Operation Private Limited (FINO) would be working in close association with the NGOs concerned to provide customised loan products to the underserved customers.

Through the model of Micro Saving, the Bank proposes to promote financial inclusion in Manipur through Business Correspondent Model wherein the Bank and the FINO would be working as partners.

Moreover, the bank would also provide customised insurance products both life and general through business correspondence.

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