Dena Bank,the bank which is owned by state will offer loans to a Maharashtra-based women centric development body to finance a variety of Self Help Groups(SHG).

According to the bank said that, “it has signed a memorandum of understanding with Mahila Arthik Vikas Mahamandal (MAVIM) for financing needs of women SHGs”

Meanwhile, as per the MoU, “MAVIM will co-ordinate with Dena Bank and community managed resource centres (CMRCs) and act as a business facilitator”

K C Chhipa, General Manager (Retail and MSME) signed the MoU on behalf of Dena Bank, whereas MAVIM was symbolized by Kusum Balsaraf, Acting Vice Chairman and Managing Director.

Further the bank’s release said that, “Initially, Dena Bank will implement the scheme in Nashik, Nandurbar, Jalgaon, Dhule, Aurangabad, Kolhapur, Satara, Pune, Sangali, Ahmednagar Parbhani and Jalna districts of Maharashtra on pilot basis,”

“MAVIM will organize poor people to form women SHGs, impart financial literacy training and guide them to mobilize their saving, setting up linkages between the groups and the bank”, it further said.