Global Association of MSMEs and Meghalaya Rural Bank Signs MoU

Towards strengthening financial inclusion in Meghalaya, the Global Association of MSMEs (GAMSME) and Meghalaya Rural Bank (MRB) have signed an MoU to improve access to formal credit for micro-enterprises, artisans, self-help groups, and rural entrepreneurs. The partnership aims to help small businesses become bankable enterprises, fostering sustainable livelihoods and inclusive economic growth across the state.

GAMSME and Rural Development (SLRD), and Meghalaya Rural Bank (MRB), signed a comprehensive Memorandum of Understanding

In a decisive move to close the credit gap that has long held back the region’s small businesses, the Global Association of MSMEs (GAMSME), backed by the 24-year institutional legacy of the School of Livelihood and Rural Development (SLRD), and Meghalaya Rural Bank (MRB), signed a comprehensive Memorandum of Understanding (MoU). The agreement creates a structured financial inclusion framework built to help unorganised micro-units, traditional artisans, and agricultural processors across Meghalaya to step into the formal economy as bankable enterprises.

The accord was signed by Ashish Yadav, Chairman of Meghalaya Rural Bank, and Abhijit Sharma, Founder and Chairman of GAMSME. By bringing MRB’s banking network together with GAMSME’s grassroots reach and delivery system, the partnership narrows the gap that has existed between formal banking and rural enterprises.

The alliance is built to deliver immediate, measurable change on the ground. It opens a direct channel for local micro-enterprises to reach formal credit, freeing them from a long-standing dependence on informal, high-interest lenders.

The collaboration also adds a vital layer of livelihood formalisation. Through on-ground financial literacy drives, self-help groups (SHGs) and family-run micro-units will learn to separate business assets from household finances, build verifiable credit histories, and put themselves on a path to lasting economic resilience. A core goal is to graduate SHGs into registered micro and small enterprises.

At the heart of the collaboration is GAMSME’s proprietary Digital Measurement, Reporting, and Verification (DMRV) field toolkit, which will serve as an operational screening layer for the bank. Using localised, on-the-ground assessments, GAMSME will help entrepreneurs get their finances in order, validating their working capital cycles and compliance readiness before they approach the bank for a loan. For Meghalaya Rural Bank, that means lower screening costs, faster loan deployment, and a healthier portfolio.

Speaking at the signing, Ashish Yadav, Chairman of Meghalaya Rural Bank, said, “MRB has consistently remained committed to extending credit access to the last mile across the State. With the introduction of GAMSME, the Bank is poised to further accelerate and strengthen the delivery of inclusive and progressive credit services to the people.” Echoing him, Abhijit Sharma, Founder and Chairman of GAMSME, added, “In rural India, ambition has never been in short supply. Access has. A weaver, a beekeeper, a small food processor, each one is a business waiting to happen, held back only by a system that could never quite see them. This partnership lets the bank see them, and helps them stand as the formal, bankable enterprises they already are.”