Imphal, July 7: Manipur has been the sporting powerhouse in India, supplying a steady stream of players and athletes in various discipline. The northeastern state also has a large population of retired and jobless sportspersons to lead a wretched existence due to the lack of a steady income.

But there is hope yet for these former sports stars. The Reserve Bank of India (RBI) has approved a proposal by a sports enthusiast to open a bank exclusively for sportspersons. The proposed Manipur Sports Persons Co-operative Bank Ltd will soon start doing business in Imphal.

?The RBI has already given us the green signal for setting up the bank. We are all set to open the bank in a few week?s time. However, the RBI advised us not to confine banking transactions to sportspersons alone and we will heed its advice,? said R.K. Joysana Singh, the brain behind the novel bank. He is also the chief promoter and architect of the project.

Joysana added that though the banking services would be made available to the common citizen, the bank would extend credits and loans only to retired sportspersons to help them generate their own income post-retirement.

Joysana, an accounts officer with the state?s Pollution Control Board, has always been involved in grooming national and international sportspersons. Currently, he is an executive member of the Indian Association of Kickboxing and associated with seven state-level sports bodies.

During his long association with the state?s sports movement, Joysana has had first hand experience of retired sportspersons withering away without any assured source of income. As government jobs are hard to come by, not all players have the chance of finding employment during their playing days and even after retirement. ?After bringing laurels for the state and country the sportspersons are left high and dry. Our effort will be to extend financial assistance to these people so that they can find avenues for self-employment,? he said.

The efforts to set up an exclusive bank began when Manipur?s Thounaojam Chaoba Singh was the Union minister of state for youth affairs and sports in 2000. He recommended a banking licence for Joysana. The state government had backed the proposal.

The bank now has a board of directors and 20 promoters. A search is now on for more promoters, the target being at least a 100. A campaign among the ministers in the Okram Ibobi Singh government and legislators is also on to mobilise support for the endeavour.

Shyamsunder Haobam, one of the promoters, said the bank?s shares would go on sale towards the end of this month, after the executive committee meeting on July 26. The bank is currently operating out of a temporary office near Imphal airport.