The National Rural Livelihood Mission (NRLM), Ministry of Rural Development, Government of India (GoI), has named HDFC Bank as the Best Performing Bank (BPB) in SHG Linkage. Mr. K Venkatesh, Head - Sustainable Livelihood Initiative, HDFC Bank, received the award from Giriraj Singh, Hon' Minister of Rural Development, during a reception held at Vigyan Bhavan in New Delhi.
Notably, HDFC Bank was the only private bank to be recognized by the National Rural Livelihood Mission (NRLM).for outstanding achievements in SHGs.
A Self Help Group (SHG) is a group financing arrangement in which a group of small-time women entrepreneurs get together for a loan and each member of the group is responsible for repayment. The concept of group cohesion and bonding is emphasized in Self Help Group. An SHG is an evolved group with strong group connectivity because of this structure.
Given the structure, the Indian government launched the National Rural Livelihood Mission (NRLM) in 2011 as a poverty-reduction initiative. The NRLM, which is run by the Indian government's Ministry of Rural Development, aims to encourage self-employment and develop long-term livelihood prospects for the rural poor.
HDFC Bank, as part of NRLM, provides financial services to nearly 4.5 lakh people in the unbanked and underbanked strata of society. Assam, Chhattisgarh, Maharashtra, Punjab, Rajasthan, and Uttar Pradesh have all signed MoUs with the State Rural Livelihood Mission.
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