Bank of Maharashtra (BoM) memorandum of understanding (MoU)

Bank of Maharashtra (BoM) memorandum of understanding (MoU)

Subject: Economy

Context: Bank of Maharashtra (BoM) has signed a memorandum of understanding (MoU) with National Bank for Agriculture & Rural Development (Nabard) to boost ongoing developmental initiatives linked to priority sector lending in Maharashtra

Concept:

The MoU envisages joint initiatives,

• the benefits of farmers, farmer producer organisations, joint liability groups, self-help groups, rural artisans, weavers, agri-preneurs, agri start-ups, micro, small and medium enterprises in the State,
• BoM and Nabard will work together towards overall development of rural areas in Maharashtra.

Bankers’ Committee

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