Himalayan Bank Limited (HBL) and Samriddha Pahad (SP) have entered into an agreement to facilitate micro credit facilities to the deprived sector people of hilly and mountain region of the country through various co-operatives.
As per the agreement SP and HBL shall jointly develop a set of screening criteria, format and processes to access potential cooperatives for wholesale lending. Based on this, SP shall recommend, on a periodic basis, pre-screened and short-listed cooperatives to the Bank, for the purpose of providing wholesale micro credit facilities. The Bank shall provide loans to SP’s recommended cooperatives after the Bank conducts its due diligence of the co-operatives.
With this partnership HBL will be able to extend access to finance to the people of the remote hills and mountains. The Bank believes that this new step will help to enhance the economic strata and lifestyle of the people of remote areas.
According to a press release of Ashoke SJB Rana – Chief Executive Officer of Himalayan Bank Ltd and Arun Rana – Chief Executive Officer of Sammriddha Pahad jointly signed in the MoU amidst a function held in the corporate office of the Bank. Senior executives of HBL and SP were also present in the program.