MoU to boost rural financing in Meghalaya

Shillong: In an initiative to enable rural residents access formal banking support for income-generating activities, the MegLIFE project under the Meghalaya Basin Development Authority (MBDA) inked a MoU with the Meghalaya Rural Bank here on Monday.The MoU, aimed at strengthening livelihood promotion through improved access to financial services, will facilitate credit linkages for Integrated Village Cooperative Societies.The agreement was signed by Gavade Sachin Shankar, the executive director of MBDA and additional project director of MegLIFE, and Ashish Yadav, the chairman of Meghalaya Rural Bank, in the presence of senior officials from both institutions.The partnership is expected to ‘deepen financial inclusion’ across project areas while supporting sustainable livelihoods by easing access to credit and banking services, officials said.