Bank of Maharashtra signs MoU with NABARD

  • Bank of Maharashtra (BoM) has signed Memorandum of Understanding (MoU) with National Bank for Agriculture & Rural Development (NABARD) to boost ongoing developmental initiatives linked to priority sector lending in Maharashtra.
  • The MoU envisages joint initiatives for the assistance of farmers, farmer manufacturer organisations, joint liability groups, self help groups, rural artisans, weavers, agri-preneurs, agri start-ups, micro, small and medium enterprises in the State, BoM said in a statement.
  • Hemant Tamta, Executive Director, BoM, said with signing of this MoU, BoM and NABARD will work together towards complete improvement of rural regions of Maharashtra.
  • The MoU is basically meant to benefit farmers, farmer producer associations, joint liability groups, self-help groups, rural artisans, weavers, agri-preneurs, agri start-ups, and Micro, Small and Medium Enterprises (MSMEs) in the State.
    • BOM is the convenor bank of the State Level Bankers’ Committee (SLBC) of Maharashtra.

Coordination machinery

BoM is the convener of State Level Bankers’ Committee (SLBC) for Maharashtra. Each State/ Union Territory in the country has an Bankers’ Committee. The Committee is an apex inter-institutional forum to create adequate coordination machinery in a State for its development.

SLBC is chaired by the Chairman/ Managing Director/ Executive Director of the Convenor Bank. It comprises representatives of Banks, RBI, NABARD, heads of government departments, among others. They come together and sort out coordination problems at the policy implementation level.

Representatives of various organisations from different sectors of the economy such as industry bodies, retail traders, exporters, and farmers’ unions, are special invitees in the SLBC meetings for discussing their specific problems, if any.

reference-https://affairscloud.com/bom-signed-mou-with-nabard-to-improve-psl-in-maharashtra/

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