The Arunachal State Rural Livelihoods Mission (ArSRLM) recently signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to offer comprehensive banking services to self-help groups (SHGs) in Arunachal Pradesh. This collaboration is a significant step in promoting financial empowerment and inclusion for these groups.
Under the agreement, the joint effort will focus on expediting the SHG bank linkage on essential financial aspects such as savings, credit, insurance, and remittances. This initiative is particularly geared towards 12,000 SHGs that have been fostered under the Deendayal Antyodaya Yojana National Rural Livelihood Mission (DAY-NRLM) in the state.
The MoU was officially signed in the presence of key representatives from both organizations, including Rural Development and Panchayati Raj secretary Amarnath Talwade and SBI Dibrugarh deputy general manager Aftab Ahmad Mallick. The agreement is expected to benefit approximately 12,000 SHGs, 821 primary level federations (PLFs), and 28 cluster level federations (CLFs) in Arunachal Pradesh. These groups can now access a wide range of financial products and services through SBI’s extensive banking network.
The deputy general manager of SBI Dibrugarh, Aftab Ahmad Mallick, emphasized SBI’s commitment to extending support for the SHGs and their higher federations’ credit requirements, along with basic banking products.
This MoU marks a significant milestone in enhancing the financial capabilities and outreach to self-help groups in Arunachal Pradesh, fostering greater economic development and self-reliance in the region.