NABARD AND NRLM sign a landmark MoU for the benefit of women SHGs

MUMBAI, India, Feb. 28, 2024 /PRNewswire/ -- Marking a strategic alliance to benefit rural women SHGs, NABARD and the National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development, GoI inked a landmark MoU on 27 February, 2024 in NABARD's Head Office, Mumbai. The comprehensive MoU which covers a period of 3 years, seeks to harmonize NABARD's role of enabler and facilitator in the SHG ecosystem since inception of the movement, with the transformative goal of NRLM to promote women led development in rural areas by leveraging on the unique strengths of both entities. The MoU was signed by Shri Charanjit Singh, Additional Secretary, (Rural Livelihoods), MoRD, Govt. of India on behalf of NRLM while Shri Ajay K. Sood, Deputy Managing Director, signed for NABARD, in the presence of Shri Shaji K.V., Chairman and Shri G.S. Rawat, Deputy Managing Director, NABARD. Others present included Smt. L. Leivang, CGM, NABARD and NRLM officials.

DAY-NRLM will engage with respective State/UT Rural Livelihood Missions to facilitate their participation as Project Implementing Agencies with the Regional offices of NABARD in each state/UT under NABARD's niche development schemes for capacity building, skilling & entrepreneurship training of matured women SHGs in the spirit of the Lakhpati Didi Scheme objectives, physical and online marketing support schemes, graduation of SHG clusters to Producer Organizations both in farm and non-farm sectors for sustainable economic activities and promotion of climate resilient agriculture for women SHGs, livelihood interventions to women SHGs in NABARD's Wadi and Watershed development project areas along with deepening of financial inclusion. The MoU further aims to develop pilots in digital transactions of SHG federations to usher in transparency and efficiency with quick TAT for members, besides exploring options to facilitate deployment of women SHG members as business correspondents of banks.

About NABARD:

The National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India. Established on 12 July 1982, with headquarters in Mumbai, NABARD operates with a mission to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development, and other innovative initiatives. NABARD plays a crucial role in fostering rural development, empowering farmers, and catalyzing the growth of the rural economy.

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