Tue, 30 May 2023

Mumbai (Maharashtra) [India], March 15 (ANI/PNN): Bank of Maharashtra (BoM), a premier public sector bank in the country, collaborates its subsidiary Gramin Mahilava Balak Vikas Mandal (GMBVM), with Shri Kshethra Dharmasthala Rural Development Project BC trust (SKDRDP). Through this collaboration Bank envisage for credit linkage of Self Help Group in the state of Maharashtra and add fillip to financial inclusion & its promotion driven through technology to the unserved and underserved.

Through this move, Bank will spur promotion and handholding of Self Help Groups, credit linking through bank finance in several modules for providing financial inclusion services to the unserved community. Bank of Maharashtra shall adopt BC/BF model (Business Correspondent/Banking Facilitator), promoted by Reserve Bank of India, through SKDRDP, for delivering the financial products to the last mile. Gramin Mahilava Balak Vikas Mandal (GMBVM), a subsidiary of BoM will function for promotion and handholding of the Self Help Group across the country. Besides, BoM has also entered MoU with SKDRDP which will work as BC/BF for Bank, in Belgaum district for SHG bank credit linkage.

A S Rajeev, MD & CEO, Bank of Maharashtra commented on the collaboration "Our goal is to reach and deliver Banking services to all segments of society including the person standing at the last mile. This move will strengthen our efforts towards fulfilling the motto of financial inclusion and making unserved sections self-reliant."

A B Vijayakumar, Executive Director, Bank of Maharashtra said "Through this collaboration coupled with technology, Bank shall deliver its services to the people at the bottom of pyramid with ease, making them self-reliant and helping them achieve the larger purpose of social and economic upliftment".

Asheesh Pandey, Executive Director, Bank of Maharashtra said "Bank is envisaging 360-degree growth, and this can only be achieved when we cater one and all in our society. Through technology we envisage to bridge the gap of banked and unbanked segments and this will prove as a game changer in days to come." Collaborations on Sourcing and Monitoring will enable the organisations to grow & flourish in days to come.

On this association L H Manjunath, Chief Executive Officer, SKDRDP BC Trust said, "SKDRDP has been able to reach out to the entire community of Karnataka irrespective of caste, creed and social status". "Having developed certain unique models touching the life of the unreached and the poor, this partnership with Gramin Mahilava Balak Vikas Mandal (GMBVM) and Bank of Maharashtra will help the SHG with credit linkage support". "GMBVM will be able to capitalize on SKDRDP BC Trust three-decade-long experience in the credit linkage of SHG with the deployment of real-time monitoring system".

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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