GAMSME, Meghalaya Rural Bank sign MoU

The Global Association of MSMEs (GAMSME) and the Meghalaya Rural Bank on Wednesday signed an MoU to help self-help groups, artisans and agricultural processors become bankable enterprises, officials said. The agreement aims to create a structured financial inclusion framework for expanding access to formal credit for unorganised micro-units and family-run businesses across Meghalaya, they said. Under the partnership, MRB’s banking network will be integrated with GAMSME’s grassroots outreach to facilitate easier access to institutional finance for rural entrepreneurs, reducing reliance on informal and high-interest sources of borrowing. The collaboration will also focus on livelihood formalisation through financial literacy programmes designed to help self-help groups and micro-enterprises maintain separate business finances, build verifiable credit histories and transition into registered micro and small enterprises, the officials said. As part of the initiative, GAMSME will deploy its digital measurement, reporting and verification field toolkit to assess the financial preparedness and compliance readiness of entrepreneurs before they approach the bank for loans. Speaking on the occasion, GAMSME Founder and Chairman Abhijit Sharma said the partnership seeks to unlock the potential of rural entrepreneurs, who often remain outside the formal financial system despite having viable businesses. “In rural India, ambition has never been in short supply. Access has. A weaver, a beekeeper, a small food processor are businesses waiting to happen, held back only by a system that could never quite see them,” he said.