Mumbai (Maharashtra) [India], September 27: 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, Smt. 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.
About CMAI
The Clothing Manufacturers Association of India (CMAI) is the most representative association of the Indian apparel industry having over 5,000 members and serving more than 35,000 Retailers. Its Membership consists of Manufacturers, Exporters, Brands, and ancillary industry. CMAI advocates regarding policies and also guides and encourages its members on ESG related matters and initiatives. In 2019, CMAI launched the SU.RE initiative to encourage members to embrace sustainability.
Established over sixty years ago, CMAI has contributed immensely towards development of the industry. In 1978, CMAI had led the creation of the Apparel Export Promotion Council (AEPC). CMAI is also authorised by the Government of India to issue Certificate of Origin (Non-Preferential) to Exporters. CMAI is the only Indian Association that represents the entire Indian Apparel Industry & Trade on prestigious international forums such as International Apparel Federation (IAF) headquartered in Netherlands.
Visit: www.cmai.in | Follow X.com: @CMAI_Official
If you object to the content of this press release, please notify us at pr.error.rectification@gmail.com. We will respond and rectify the situation within 24 hours.
