New Delhi, Feb 28 (KNN) The National Bank for Agriculture and Rural Development (NABARD) and the National Rural Livelihood Mission (NRLM) have formalised a significant partnership through the signing of a Memorandum of Understanding (MoU), aimed at providing support to rural women Self-Help Groups (SHGs).

This MoU, spanning over a duration of three years, is designed to synchronise NABARD’s role as a facilitator and enabler within the SHG ecosystem with NRLM's transformative objective of advancing women-led development in rural areas.

According to statements from the development financial institution (DFI), the collaboration seeks to leverage the strengths of both entities.

Under the Deendayal Antyodaya Yojana (DAY)-NRLM framework, collaborations with respective State or Union Territory Rural Livelihood Missions will be fostered to facilitate their engagement as project implementing agencies with NABARD's regional offices.

This partnership aims to enhance capacity building, skill development, and entrepreneurship training for matured women SHGs.

The alliance is set to offer a range of support schemes, including physical and online marketing assistance, to promote sustainable economic activities.

Additionally, it will focus on advancing climate-resilient agriculture practices for women SHGs, supporting the transition of SHG clusters into producer organisations across both farm and non-farm sectors.

Furthermore, the MoU aims to implement digital transaction pilots for SHG federations, enhancing transparency and efficiency while ensuring quick turnaround times for members.

It also explores avenues to facilitate the deployment of women SHG members as business correspondents of banks, thereby deepening financial inclusion efforts.

Overall, this strategic alliance between NABARD and NRLM signifies a concerted effort to empower rural women SHGs, driving forward socio-economic development in rural areas.

(KNN Bureau)