17th June 2026, Shillong: In a major step towards strengthening financial inclusion, rural entrepreneurship, and MSME development in Meghalaya, the Global Association of MSMEs (GAMSME), backed by the 24-year institutional legacy of the School of Livelihood and Rural Development (SLRD), signed a comprehensive Memorandum of Understanding (MoU) with Meghalaya Rural Bank (MRB).
The MoU aims to create a structured financial inclusion framework for unorganised micro-units, traditional artisans, self-help groups, agricultural processors, and grassroots entrepreneurs across Meghalaya. The partnership is focused on helping local enterprises move into the formal economy as stronger, credit-ready, and bankable businesses.
The accord was signed by Shri Ashish Yadav, Chairman of Meghalaya Rural Bank, and Mr Abhijit Sharma, Founder and Chairman of GAMSME. By bringing together MRB’s banking network and GAMSME’s grassroots reach and delivery system, the collaboration seeks to bridge the long-standing gap between formal banking institutions and rural enterprises.
The partnership is designed to deliver immediate and measurable impact on the ground. It will open a direct channel for micro-enterprises to access formal credit, helping reduce their dependence on informal and high-interest lending systems.
A key focus of the collaboration is livelihood formalisation. Through on-ground financial literacy drives, self-help groups and family-run micro-units will be supported in separating business assets from household finances, building verifiable credit histories, and preparing themselves for long-term economic resilience. One of the core goals of the partnership is to help SHGs graduate into registered micro and small enterprises.
At the centre of this collaboration is GAMSME’s proprietary Digital Measurement, Reporting, and Verification (DMRV) field toolkit. The toolkit will act as an operational screening layer for the bank by enabling localised, on-ground assessments of entrepreneurs. Through this process, GAMSME will help micro-entrepreneurs organise their finances, validate working capital cycles, and improve compliance readiness before approaching the bank for credit.
For Meghalaya Rural Bank, this model is expected to support lower screening costs, faster loan deployment, and a healthier loan portfolio.
Speaking at the signing, Shri 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, Mr 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.”
This MoU marks an important step towards strengthening Meghalaya’s rural MSME ecosystem and advancing inclusive economic growth across Northeast India. By combining formal banking access, grassroots enterprise support, financial literacy, and digital verification tools, GAMSME and Meghalaya Rural Bank are working together to create a more inclusive, resilient, and opportunity-driven rural economy.
