In a significant step towards boosting rural growth, the National Bank for Agriculture and Rural Development (NABARD) and the State Bank of India (SBI) have signed a Memorandum of Understanding (MoU). This partnership aims to support sustainable development in rural Assam, focusing on financial inclusion, agricultural growth, and infrastructure development.
In December Last year, Union Home Minister Amit Shah had asked banks to create separate financial guidelines for the Northeast region, keeping in mind its unique challenges and the needs of its people.
A robust ecosystem for commerce and industries is being built in the Northeast by strengthening the banking sector. Speaking at the North East Bankers' Conclave 2.0 in Agartala, Tripura.
— Amit Shah (@AmitShah) December 21, 2024
https://t.co/E1Kqh6kE8n
This partnership between SBI and NABARD can be a result of the vision of the Union Home Minister. The MoU signing ceremony was attended by senior officials from both institutions, including:
- Loken Das, Chief General Manager (CGM) of NABARD’s Assam Regional Office
- S Radhakrishnan, Chief General Manager (CGM) of SBI’s Guwahati Circle.
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.
The NABARD-SBI partnership is a crucial step towards transforming rural Assam by providing financial strength and development opportunities. SBI is India’s largest public sector bank and has been driving the economy of India for decades. With its high technology and banking services, SBI is also expected to improve the economy of Assam.
