State-owned Dena Bank will provide loans to a Maharashtra-based women centric development body to finance various self help groups (SHGs).
The bank said it has signed a memorandum of understanding with Mahila Arthik Vikas Mahamandal (MAVIM) for financing needs of women SHGs.
As per the MoU, MAVIM will co-ordinate with Dena Bank and community managed resource centres (CMRCs) and act as a business facilitator.
K C Chhipa, General Manager (Retail and MSME) signed the MoU on behalf of Dena Bank, while MAVIM was represented by Kusum Balsaraf, Acting Vice Chairman and Managing Director.
"Initially, Dena Bank will implement the scheme in Nashik, Nandurbar, Jalgaon, Dhule, Aurangabad, Kolhapur, Satara, Pune, Sangali, Ahmednagar Parbhani and Jalna districts of Maharashtra on pilot basis," the bank said in a release.
MAVIM will organise poor people to form women SHGs, impart financial literacy training and guide them to mobilise their saving, setting up linkages between the groups and the bank, it said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
