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.
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.
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.
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.
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.
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.
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.
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