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CBoI Signs MoU with NABFOUNDATION to Provide Working capital for SHGs to Undertake ‘My Pad My Right’ Project

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CBoI ties up with NABFOUNDATION to provide loans to self-help groupsOn January 7, 2021 Central Bank of India (CBoI) signed Memorandum of Understanding (MoU) with NABFOUNDATION to provide working capital for Self-Help Groups (SHGs) to undertake ‘My Pad My Right’ project. The project is sponsored by National Bank for Agriculture and Rural Development(NABARD) & enables SHG’s to manufacture sanitary pads.

Provision of MoU

As per the MoU, working capital will be provided by the bank to all SHGs who have an account with it.

Note– The funds will be provided collateral free and at a cheaper rate

About ‘My Pad My Right’ Project

Launch

Smriti Irani, Union Minister for Women and Child Development and Textiles launched “My Pad My Right” on October 15, 2020.

Aim

i.To empower rural women, create livelihood opportunities and to raise awareness on menstrual hygiene.

ii.To address rural women’s health issues and provide a dynamic rural livelihood option on a sustainable basis.

Undertaken by

The project is undertaken by NABFOUNDATION along with funding support from Micro Credit Innovations Department(MCID), NABARD.

Design

It has been designed considering the basic objectives within the Livelihoods and Enterprise Development Programme(LEDP) guidelines of NABARD.

Implementation

It will be implemented in a phased manner at all the districts(over 700 districts) in India.

Pad making machine will be Sponsored 

i.Under the project, a pad making machine will be given by NABARD per district across India to a well-functioning SHG.

ii.In addition to this, essential capacity building support, total grant support of about Rs 5 lakh per unit will be provided.

Note

Over the next 3 years, NABARD will provide a total support of about Rs 50 crore

Recent Related News:

On December 2, 2020 NABARD( National Bank for Agriculture and Rural Development), Karnataka Regional Office Bengaluru, Karnataka has signed MoU(Memorandum of Understanding) with SBI(State Bank of India), LHO, Bengaluru to provide concessional refinance facility to the beneficiaries of watershed development and tribal development projects.

About Central Bank of India (CBoI):

It is the 1st Indian commercial bank which was wholly owned and managed by Indians.

Established– 1911
Headquarters– Mumbai, Maharashtra
Tagline–  Central to You Since 1911, Build a better life around us
MD& CEO– Pallav Mohapatra

About NABFOUNDATION:

i.It is a Section 8(of Companies Act, 2013) not for profit company, promoted and fully owned by NABARD.

ii.It takes up scalable development projects of interest to NABARD and rural India.

iii.It is listed under Schedule VII, Section 135 of Companies Act, 2013

Formed– August 2019
CEO– Sanjeev D Rohilla
Chairman of NABARD & NABFOUNDATION– G R Chintala
Head Office– Mumbai, Maharashtra