Money & Banking

CBoI ties up with NABFOUNDATION to provide loans to self-help groups

Our Bureau. Mumbai | Updated on January 07, 2021 Published on January 07, 2021

Central Bank of India (CBoI) and NABFOUNDATION, on Thursday, entered into a Memorandum of Understanding (MoU), whereby working capital will be provided by the bank to all self-help groups (SHGs) which have an account with it and undertake the Nabard-sponsored ‘My Pad My Right’ project.

“This cheap, collateral-free credit support is just what the rural women will need as they take up manufacturing on a regular basis,” said NABFOUNDATION, which is a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development (Nabard), in a statement.

Under the project, one pad making machine will be sponsored per district across the country to a well-functioning SHG, along with the requisite capacity building support, with total grant support pegged at nearly ₹5 lakh per unit, according to the statement.

The project would see Nabard providing a total support of nearly ₹50 crore over the next three years, it added.

GR Chintala, Chairman, Nabard, noted that the project addresses rural women’s health issues and also provides a dynamic rural livelihood option on a sustainable basis.

Pallav Mohapatra, Chairman, CBoI, said the bank is committed to providing cheap and collateral-free credit support to rural women.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 07, 2021
Central Bank of India
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.