AU Small Finance Bank signs pact with NABARD to boost rural development projects in Rajasthan

Private sector AU Small Finance Bank on Wednesday signed a pact with the National Bank for Rural and Development (NABARD) to boost ongoing rural development initiatives in Rajasthan.

According to a statement issued by the bank here, the Memorandum of Understanding (MoU) was signed in the presence of NABARD Chairman G R Chintala, Jaideep Srivastava, Chief General Manager, Rajasthan, and Sanjay Agarwal, Managing Director, AU Small Finance Bank.

Joint initiative

The memorandum envisages a joint initiative to benefit farmers, Farmer Producer Organisations (FPOs), Self Help Groups (SHGs), rural artisans, agri-entrepreneurs, and agri-startups in the State.

“This MoU between NABARD and AU Bank will provide institutional credit support to the ongoing development schemes in the State, which will lead to further prosperity in the rural areas.

“This tie-up will give a boost to the process of lending in the state, especially in areas related to agriculture and rural development,” Agarwal said.