Chin entrepreneurs in preparation for opening bank

21 July 2016 — A group of Chin business persons came together in an attempt to start a public commercial bank in Chin State, according to the State government.

Vui Kaw, State minister for Planning and Finance, said that the group had submitted to the State government a proposal for opening a bank, according to the Chin World Media.

He indicated that the whole process would include establishing direct communication between the group and the Union central bank, which would then consult the Chin public about the plan.

The Chin minister said that the State government would act only after the required process at the Union level had been completed.

“Chin State remains the least developed in the country. It will not improve without a good banking system. If we have a private bank that can give loans to aspiring individuals, this will encourage people to work harder and subsequently will increase production. This will also create jobs for the young generation. This is our main purpose,” the group said in the Chin World Media.

It is not yet known as to how long it will take the group to materialize their plan and where the business will be based.

Currently, there are only two private banks, one CB Bank branch in Hakha and one KBZ bank branch in Falam. Sources confirm that the KBZ (Kanbawza Bank) is in the process of opening a new branch in the capital, Hakha. #