IMPHAL, July 13 -- Principal secretary of Finance, Rakesh Ranjan has today pointed out that banking penetration of the state is too low which stood at 8.5 percent according to economic survey of India, 2011. To improve this situation, 27 blocks have been identified for opening of new bank branches, he said.

Rakesh made the statement during the 38th foundation day of National Bank for Agriculture and Rural Development (NABARD) at its regional office of Manipur, Salam Bhavan Sorbon Thingel today, under the theme "engaging rural youth gainfully".

Attending the function as chief guest, Rakesh said that bank plays important role in boosting the economy of the state. But unfortunately, the access of banking facilities in the state is quite lo...