State Bank of India (SBI) has signed an agreement with Usha International Limited (UIL) for empowering women entrepreneurs by providing financial assistance.

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The financial assistance will be provided under the Joint Liability Group model, SBI said in a statement.

As per the Memorandum of Understanding (MoU) signed between SBI and UIL, branches of the bank in Uttarakhand, Delhi, Western UP, and NCR Haryana will be financing women entrepreneurs to Usha Silai School to purchase sewing machines for enhancement and upgradation of technical sewing skills or to purchase thread of clothes, etc. Related to above for running their livelihood, it said.

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This is the first of its kind collaboration between UIL and SBI in coming forward together for the upliftment of the social and economic status of women entrepreneurs in rural areas of the country by making them self-reliant and providing equal opportunity for achieving financial growth and inclusion.

This relationship will bring a new synergy among the women entrepreneurs and lead towards holistic development, SBI has given the name 'NAVCHETNA' to this relationship, it said.

UIL has already been providing necessary training to these women through USHA Silai Schools across the country.