DIMAPUR — State Bank of India (SBI) and the Nagaland State Rural Livelihood Mission (NSRLM) signed a Memorandum of Understanding (MoU) to work hand-in-hand and uplift the economy of the rural poor by providing bank linkage to women self help groups (SHG).
The MoU was signed with an objective to create awareness and build capacities on the banking system and procedures so as to ensure effective banking linkage for self help groups, an update from NSRLM stated on Wednesday.
The Memorandum of Understanding (MoU) was signed by Imtimenla, NSRLM mission director, and Haokholen Hangsing, regional manager of SBI RBO, Dimapur, at the managing director’s chamber in Kohima.
Highlights of the contents included that NSRLM agreed to share list of eligible SHGs for credit linkage, position bank Sakhi in bank branch in SBI branches, activate CBRM monthly meeting, review meeting conduct at DMMU at regular intervals, organise training programme for NSRLM and bank staff etc.
It stated that NSRLM mission director, Imtimenla, has expressed happiness on the SBI for showing improvement in providing CL to NSRLM SHGs during the last six months.
She also disclosed that there are seven thousand women self help groups (SHG) savings bank account in SBI, besides village level organisation (VLO) and cluster level federation (CLF) saving bank accounts respectively.
It stated that the bank assured to conduct financial literacy programme in collaboration with NSRLM, sanction of loan within 15 days, not block balances in saving bank account whose loan account is standard and encourage withdrawal for internal lending of the same to improve group dynamics, disburse entire amount sanctioned without insisting on deposit of the part of the loan amount in fixed deposit, share details of all accounts and transactions of individual SHG under NRLM with NSRLM, ensure that each branch would furnish progress report of the BMMU on a monthly basis, furnish the details of credit disbursement and credit outstanding of the SHGs etc.
The bank also assured to appoint, trained and certified SHG members as customer service point (CSP) in inoperative locations.
Others who attended the function included M Rollan Lotha, NSRLM chief operating officer (programmes), Rajuselie Lhousa, NSRLM state programme manager-financial inclusion (SPMFI), NSRLM, and Thony Pao, AGM SBI RBO-I Dimapur.
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