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In a strategic move to support India’s apparel manufacturing sector, the Clothing Manufacturers Association of India (CMAI) has signed a Memorandum of Understanding (MoU) with Bank of India (BOI) to boost financial access for MSME garment businesses.
The partnership aims to benefit CMAI’s 6,500+ members — 95% of whom are micro, small, and medium enterprises — by offering collateral-free loans, credit card facilities, and a suite of customised banking services.
Speaking at the signing ceremony, Shampa Biswas, General Manager of the Government Business Department at Bank of India, said, “We are pleased to partner with CMAI and extend tailored financial solutions to its vast member base. This initiative is focused on empowering MSMEs with inclusive, accessible, and practical banking services.”
Ankur Gadia, Vice President of CMAI, emphasised the significance of the collaboration. “This MoU is a step towards easing the financial challenges faced by our members. With reduced costs, improved access to credit, and better employee benefits, businesses can focus on growth and long-term stability,” he said.
The financial package under the scheme includes Free cash handling of up to ₹20 lakh (approx. US$22,550) per day, Full waiver on RTGS and NEFT charges, Complimentary accidental and fire insurance cover, Tailored corporate banking solutions for manufacturers and traders.
In addition to business support, the agreement includes several benefits for employees of member organisations like Zero-balance salary accounts, Free accidental and disability insurance cover of up to ₹2 crore (approx. US$225,000), Education benefits for employees’ children and Concessional loans and discounted locker rental fees.
CMAI noted that further schemes are under discussion and expected to be finalised soon, enhancing the scope of benefits for members.
The association added that this partnership reinforces CMAI’s ongoing commitment to reduce financial barriers and promote long-term growth within India’s apparel manufacturing ecosystem.
By aligning with a national bank, CMAI aims to create a more financially secure, inclusive, and empowered future for the MSME-dominated garment industry, which plays a vital role in India’s economy and employment landscape.
