ArSRLM Signs MoU With SBI For SHG Banking Services

In a significant move towards empowering self-help groups (SHGs) in Arunachal Pradesh, the Arunachal State Rural Livelihoods Mission (ArSRLM) has forged a strategic alliance with the State Bank of India (SBI). The memorandum of understanding (MoU) signed between the two entities aims to provide comprehensive banking services to the SHGs operating in the state.

A Landmark Agreement

The MoU signing ceremony, held on Tuesday, saw the participation of key representatives from both ArSRLM and SBI. Amarnath Talwade, the secretary of Rural Development and Panchayati Raj, represented ArSRLM, while Aftab Ahmad Mallick, deputy general manager of SBI Dibrugarh, represented the banking giant.

Empowering Self-Help Groups

The primary objective of this MoU is to streamline and expedite the SHG bank linkage on various fronts, including savings, credit, insurance, and remittances. The initiative is set to benefit around 12,000 self-help groups that have been promoted under the Deendayal Antyodaya Yojana National Rural Livelihood Mission (DAY-NRLM) in Arunachal Pradesh.

Extensive Reach and Impact

Amarnath Talwade emphasized that the agreement would have a far-reaching impact, benefiting not only the 12,000 SHGs but also 821 primary level federations and 28 cluster level federations. The collaboration opens avenues for these groups to access credit linkage and tap into a spectrum of financial products and services offered by the State Bank of India.

Inclusive Financial Access

One of the key aspects highlighted by Talwade is the inclusivity brought about by the MoU. The self-help groups will now have the opportunity to access major financial products and services through the extensive banking network of the State Bank of India, which is recognized as the largest banking network in the country.

SBI’s Commitment

Aftab Ahmad Mallick, representing SBI, expressed the bank’s commitment to extending full support in facilitating the credit requirements of the SHGs and their higher federations. The collaboration goes beyond basic banking services, as SBI aims to play a pivotal role in enhancing the financial capabilities and sustainability of the self-help groups in Arunachal Pradesh.

A Catalyst for Rural Development

The partnership between ArSRLM and SBI signifies a crucial step towards fostering economic development in rural Arunachal Pradesh. By providing financial tools and resources to self-help groups, the MoU aims to empower local communities and contribute to the larger goal of sustainable rural livelihoods.

Summary

Strategic Partnership: ArSRLM and State Bank of India have entered into a strategic partnership through a memorandum of understanding (MoU) to enhance banking services for self-help groups (SHGs) in Arunachal Pradesh.
Comprehensive Financial Inclusion: The MoU aims to expedite the SHG bank linkage on various fronts, including savings, credit, insurance, and remittances, benefiting approximately 12,000 SHGs promoted under the DAY-NRLM mission in the northeastern state.
Extensive Impact: The collaboration extends its impact beyond the SHGs, benefiting 821 primary level federations and 28 cluster level federations. This inclusive approach is expected to empower local communities and promote sustainable rural livelihoods.
Access to SBI’s Network: The agreement enables SHGs to access credit linkage and a range of financial products and services through the State Bank of India, leveraging its status as the country’s largest banking network.