Assam State Rural Livelihood Mission (ASRLM) signed a Memorandum of Understanding (MoU) with Northeast Small Finance Bank (NEFSB) to bring the Self-Help Groups (SHGs), producer groups and enterprises under banking network. This is the first among all State Livelihood Missions to initiate signing of MoU with new generation small finance banks.

The MoU was signed by Utpala Saikia, State Mission Director, ASRLM and Rupali Kalita, Managing Director cum Chief Executive Officer (CEO), NESFB.

Key Points:

i.The MoU will empower women at the grassroot level to link them with banks for loans to become entrepreneurs and engage in livelihood generation activities.

ii.It is also expected to cater to the financial needs of SHG group members, and other high level federations like Producer Groups, Producer Collective Groups.

iii.NESFB will enable SHG members to open Individual and Group Accounts with minimum documents in a short time span.

iv.NESFB will provide loans to SHGs with a range of Rs. 1 Lakh to Rs. 5 Lakhs depending on proposals.

North East Small Finance Bank (NESFB):

i.NESFB is the first Private Bank from Assam and Northeast India.

ii.It has presence in 164 locations across Assam.