The Institutional Finance & State Lottery Department is acting as Nodal Department in the Government in Banking spheres in Mizoram. It deals with co-ordination between the Banks and the Government as well as individual Government Departments, the Banks and other banking and non-banking financial institutions belonging to the Central Government as well as the State Government. It represents the Government in the various meetings held with banking authorities and other Financial institutions within and outside the State. It screens the schemes formulated by the Government Departments and endorses the same to the banking authorities concerned for implementation after proper elaboration.
The functions of Institutional Finance & State Lottery Department in this respect in a nutshell are as follows :-
(a) Development of Banks in Mizoram.
(b) Opening and Closing of Banks in Mizoram.
(c) Lead Bank Schemes.
(d) Annual Action Plan (Lead Bank).
(e) Improvement of C:D ration in Mizoram.
(f) Payment and recoveries of Bank loans to public and private sectors including personal loans to Government servants and general public.
(g) Maintenance of Security Measures to Banks in Mizoram.
(h) Flow of Agriculture Credits through Banks.
(i) Co-ordination of Financial Institutions.
(j) Matters relating to NEDFi.
(k) L.H.D. (Money Lending by Non-Tribals).
(l) Prize Chits of Money Circulating Schemes (Banking).
(m) Vigilance on the Non-Banking Financial Institutions within the State.
(n) All other residuary matters pertaining to Banks in Mizoram.