The National Bank for Agriculture and Rural Development (NABARD) and the State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to foster sustainable rural growth in Assam. The partnership aims to enhance institutional credit access for farmers, rural artisans, and Micro, Small, and Medium Enterprises (MSMEs), contributing to overall rural prosperity.
About MoU
This strategic partnership aims to finance Rs. 500 crores in FY 2025-26, with a target of Rs. 1,000 crores annually thereafter.
This strategic partnership is designed to achieve multiple goals that will increase economic progress in Assam’s rural areas. Some of the key focus areas include:
- Financial Inclusion: Focus will be made to ensure easy access to banking services for farmers, small businesses, and self-help groups (SHGs).
- Agricultural Growth: More support will be provided to farmers with credit facilities, modern farming techniques, and better market access.
- Rural Infrastructure Development: Investment will be made in roads, irrigation systems, storage facilities, and other essential infrastructure to improve productivity.
- Self-Employment and Livelihood Generation: Rural entrepreneurship will be encouraged through microfinance and skill development programs.