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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.
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