Shillong: In a significant step towards enabling rural residents to access formal banking support for income-generating activities, the MegLIFE project under the Meghalaya Basin Development Authority (MBDA) signed a Memorandum of Understanding (MoU) with the Meghalaya Rural Bank here on Monday.
Strengthening Livelihood Promotion
The MoU, aimed at strengthening livelihood promotion through improved access to financial services, will facilitate credit linkages for Integrated Village Cooperative Societies. This partnership is expected to deepen financial inclusion across project areas while supporting sustainable livelihoods by easing access to credit and banking services, officials said.
Key Signatories
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 collaboration marks a milestone in bridging the gap between rural communities and formal banking channels, ensuring that even remote areas benefit from structured financial support. By linking cooperative societies with the bank, the initiative aims to empower local entrepreneurs and farmers to pursue sustainable livelihoods.
Officials expressed optimism that the MoU would pave the way for more such partnerships, ultimately contributing to the economic development of Meghalaya's rural landscape.
