Rural development Min signs pact with SBI to facilitate loans for SHGs.

National

The Rural Development Ministry and State Bank of India on Wednesday signed a memorandum of understanding (MoU) to facilitate enterprise financing for rural self-help groups (SHG), an official statement said.The MoU was signed by Additional Secretary Deendayal Antyodaya Yojana - National Rural Livelihoods Mission, Charanjit Singh and Chief General Manager, State Bank of India, Corporate office Mumbai, Shantanu Pendsey.


      State Bank of India introduced a specialised financial product Svyam Siddha, exclusively tailored for SHG women entrepreneurs seeking loans up to Rs 5 lakhs.

      The MoU was signed by Additional Secretary Deendayal Antyodaya Yojana - National Rural Livelihoods Mission, Charanjit Singh and Chief General Manager, State Bank of India, Corporate office Mumbai, Shantanu Pendsey.

      This initiative is designed to alleviate the challenges associated with extensive documentation requirements for bank loan applications and reduce the turnaround time (TAT).

 

     


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