CMAI & Bank of India Join Hands for MSME Banking Benefits
30 September 2025: The Clothing Manufacturers Association of India (CMAI), continuing its mission to support the MSME-driven garment sector, has entered into a Memorandum of Understanding (MoU) with Bank of India (BOI). This collaboration is designed to enhance financial inclusion and offer a comprehensive range of collateral-free MSME loans, credit card services, and tailor-made banking solutions exclusively for CMAI members.
During the announcement, Smt. Shampa Biswas, General Manager – Government Business Department at Bank of India, stated, “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.”
Adding to this, Ankur Gadia, Vice President of CMAI, remarked, “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.”
Through this partnership, CMAI’s members, including both manufacturers and traders, will gain access to exclusive banking advantages such as free cash handling up to Rs.20 lakhs per day, complete waiver of RTGS and NEFT charges, complimentary accidental and fire insurance cover, and customizable corporate banking services.
In addition, employees of member organizations will enjoy multiple benefits including zero-balance salary accounts, free accidental and disability insurance coverage of up to Rs.200 lakhs, concessional loans, reduced locker rent and education benefits for their children.
Further beneficial schemes are currently being discussed and are expected to be finalized soon. This association further highlights CMAI’s role as a key enabler for the apparel industry by creating opportunities, lowering financial hurdles and empowering MSMEs across the sector.
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