Mizoram's government has entered into a fresh pact with eight banks, rolling out a scheme called 'One Department, One Bank' (ODOB) that is meant to tighten oversight of how public money is handled across departments. The pact is intended to give the Finance Department clearer, faster visibility into money sitting in departmental accounts across the state. The agreement was inked on Monday at the CM Conference Hall, with Chief Minister Lalduhoma and Adviser to the Chief Minister for Finance and Planning, TBC Lalvenchhunga, present for the signing.
Gaps flagged by CAG audits
Lalduhoma explained that the move follows repeated observations from Comptroller and Auditor General of India audit reports, which found large sums of government money sitting in accounts held by Drawing and Disbursing Officers, often without the Finance Department even being aware of it. He said that whenever the department tried to obtain details of such holdings, the responses it received were not always complete. "We have decided to implement the 'One Department, One Bank' system," he said, describing it as a way to plug that gap and monitor public funds more closely.
Eight departments to begin with
According to the Chief Minister, ODOB will cover eight departments in its first phase, with more departments expected to be brought under the system over time as required. Exactly which department will bank with which lender has not yet been decided; officials indicated that the department-wise mapping should be finalised shortly. The eight lenders on board are State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Union Bank of India, Indian Overseas Bank, Mizoram Rural Bank and Mizoram Cooperative Apex Bank.
Some schemes may stay outside the new system
Officials at the event also pointed out that certain existing schemes already run on their own Standard Operating Procedures for handling and moving funds. Where those established arrangements would make it impractical to fold a scheme into ODOB, it may simply be left outside the new framework rather than forced to fit it.
A push to lift Mizoram's Credit-Deposit Ratio
Lalduhoma used the occasion to flag another number he wants banks in the state to work on: Mizoram's Credit-Deposit Ratio, which remains well below the national average. Figures shared at the event put the 2025-26 CD Ratio at 73.52 percent in Assam, 61.1 percent in Nagaland and 61 percent in Tripura, against just 55.83 percent in Mizoram. The Chief Minister said his government wants to push that figure to at least 67 percent by 2028-29, and urged the banks working in Mizoram to help push toward that goal.
