Strategic Collaboration Boosts Support for Self-Help Groups
The National Bank for Agriculture and Rural Development (NABARD) has partnered with Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) under the Ministry of Rural Development (MoRD) to strengthen rural women’s Self-Help Groups (SHGs) through a new Memorandum of Understanding (MoU). This agreement, signed at the NABARD headquarters in Mumbai, aims to enhance capacity building, marketing support, and financial inclusion for these groups over the next three years.
Details of the MoU
Signatories:
MoRD: Charanjit Singh, Additional Secretary (Rural Livelihoods)
NABARD: Ajay K. Sood, Deputy Managing Director; witnessed by Shaji K.V., Chairman, and G.S. Rawat, Dy MD.
Key Features:
Capacity Building and Support:
Integration of State/Union Territory Rural Livelihood Missions as project implementing agencies with NABARD’s regional offices.
Provision of physical and online marketing support and transformation of SHG clusters into Producer Organizations in both farm and non-farm sectors.
Sustainable Economic Activities:
Promotion of climate-resilient agricultural practices and livelihood interventions within NABARD’s Wadi and Watershed development project areas.
Focus on enhancing sustainable economic activities through strategic support and training.
Financial Inclusion and Digital Initiatives:
Deepening financial inclusion and developing pilot projects for digital transactions in SHG federations to increase transparency and efficiency.
Exploration of deploying women SHG members as business correspondents for banks.
Goals and Expectations
This partnership aligns NABARD’s facilitative role in the SHG ecosystem with NRLM’s objectives of fostering women-led development in rural areas. By combining resources and expertise, this MoU is set to empower women SHGs with better tools and opportunities to grow economically and sustainably.
Organizational Background
NABARD: Established in 1982, it serves as India’s apex development bank with a focus on promoting sustainable and equitable agriculture and rural development.
Chairman (NABARD): Shaji K.V.
Headquarters: Mumbai, Maharashtra
Conclusion
This MoU between NABARD and DAY-NRLM marks a significant step towards enhancing the support infrastructure for rural women’s Self-Help Groups in India, aiming to equip them with the necessary skills, financial services, and market access to thrive in increasingly competitive and challenging environments.
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