The partnership aims to expand financial inclusion by offering a range of collateral-free MSME loans, credit card facilities, and customised banking solutions exclusively for CMAI members.
The Clothing Manufacturers Association of India (CMAI), in line with its commitment to supporting the MSME-driven garment sector, has signed a Memorandum of Understanding (MoU) with Bank of India (BOI). The partnership aims to expand financial inclusion by offering a range of collateral-free MSME loans, credit card facilities, and customised banking solutions exclusively for CMAI members.
Shampa Biswas, General Manager – Government Business Department, Bank of India, said, “We are pleased to collaborate with CMAI and extend our services to more than 6,500 members through inclusive and customised financial solutions.â€
Commenting on the tie-up, Ankur Gadia, Vice President, CMAI, stated, “This collaboration with Bank of India is designed to simplify financial access and deliver comprehensive banking benefits to our members, 95 per cent of whom are MSMEs. These offerings will help strengthen operations by lowering costs, enhancing financial security, and supporting employees with welfare-driven schemes.â€
Through this association, CMAI members—including manufacturers and traders—will have access to exclusive banking facilities such as free cash handling up to Rs 2 million per day, complete waiver on RTGS and NEFT charges, complimentary accidental and fire insurance covers, and tailored corporate banking solutions.
Employees of member organisations will also benefit from zero-balance salary accounts, free accidental and disability insurance cover of up to Rs 2 million, educational support for their children, as well as concessional loans and locker rent facilities.
Several additional schemes are under discussion and are expected to be finalised shortly.
This collaboration further strengthens CMAI’s role as a catalyst in reducing financial barriers, creating new opportunities, and empowering the apparel industry’s MSME ecosystem.