SBI, Tata trusts to train, fund rural poor

SBI would take care of the need-based credit support by providing working capital and term loans to partners promoted organisations of Tata trusts.

By: ENS Economic Bureau | Mumbai | Published: May 8, 2014 1:38:45 am

State Bank of India and Tata’s charitable trusts have signed an agreement to identify, train and finance the initiatives of rural poor.

As per the agreement signed by Sir Dorabji Tata Trust & The Allied Trusts and the SBI, Tata trust will provide training and capacity building, identify partner organisations — such as farmer producer companies, SHGs and SHG Federations — and provide implementation and technical support to make them sustainable. SBI would take care of the need-based credit support by providing working capital and term loans to partners promoted organisations of Tata trusts. “This will improve financial discipline among such borrower groups. There’s no concessional funding or grant involved,” said an SBI official.

“It is a partnership between the Tata trusts and SBI to make a lasting difference to the rural poor,” Tata Group Chairman Emeritus Ratan Tata said while signing the MoU.

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