The Clothing Manufacturers Association of India (CMAI), continuing its efforts to support the MSME-dominated garment sector, has signed a Memorandum of Understanding (MoU) with Bank of India (BOI). The collaboration aims to provide financial inclusion and a wide range of collateral-free MSME loans, credit card facilities, and other banking benefits customised for CMAI members.
Speaking on the occasion, Shampa Biswas, General Manager – Government Business Department, Bank of India, said, “We are pleased to collaborate with CMAI and extend our services to over 6,500 associated members at CMAI with inclusive and customized financial solutions.”
Commenting on the collaboration, Ankur Gadia, Vice President, CMAI, stated, “This collaboration with Bank of India is aimed at easing financial access and providing comprehensive banking benefits to our members, 95% of which operate as MSMEs. These offerings will help strengthen operations by reducing costs, increasing financial security, and supporting employees with enhanced welfare schemes.”
CMAI members who are manufacturers and traders will be able to access exclusive banking facilities such as free cash handling of up to ₹20 lakhs per day, a complete waiver on RTGS and NEFT charges, complimentary accidental and fire insurance covers, along with customizable corporate banking solutions.
Employees of member organizations will also benefit through zero balance salary accounts, free accidental and disability insurance cover of up to ₹200 lakhs, education benefits for their children, as well as concessional loans and locker rent facilities.
A few more beneficial schemes are currently under discussion and are expected to be finalized shortly.
This association reinforces CMAI’s role as a catalyst in creating opportunities, reducing financial barriers, and empowering the apparel industry’s MSME ecosystem.
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