Signs MoU to initiate the customised microfinance lending in Raigad district of Maharashtra
India CSR News Network
MUMBAI: NABARD Financial Services Limited (NABFINS), a subsidiary of National Bank for Agriculture and Rural Development (NABARD) is initiating its direct lending operations in Raigad in partnership with Swades Foundation. Swades Foundation is working on developing the local entrepreneurial ecosystem in Raigad focused on Animal Husbandry, food and agro-processing units, SHG based small and medium businesses.
Swades-NABFINS partnership will enable the rural Households in Raigad engaged in diary activities to access the formal credit market at reasonable interest rates. As a part of the plan, over 2,500 rural entrepreneur are expected to be benefited.
This partnership was formally launched at an event in Mahad yesterday and attended by J. K. Mohapatra, IAS (Retd), Chairman NABFINS, Dr B S Suran, Managing Director, NABFINS and Ronnie & Zarina Screwvala, Founding Trustees of Swades Foundation. The MoU between the two institutions was signed and 47 loans were sanctioned at the event itself.
About 500 local villagers and project beneficiaries were also present at the launch.
Speaking on the occasion, J K Mohapatra from NABFINS said, “We believes in banking to the un-banked, providing them access to affordable financial services and the partnership between NABFINS and Swades would further this objective. The strong connect that Swades has with the community is a big facilitator.”
Ronnie Screwvala from Swades Foundation, said, “This partnership will facilitate empowerment and provide tailor made financial services for each kind of enterprise. Availability of adequate and transparent credit from formal channels shall allow the entrepreneurial spirit of the masses to increase output and prosperity and decrease forced migration to the city”