The Clothing Manufacturers Association of India (CMAI) has signed a landmark Memorandum of Understanding (MoU) with Bank of India (BOI) to extend comprehensive financial benefits to its members, primarily comprising MSMEs that drive India’s garment and apparel sector. This collaboration is aimed at promoting financial inclusion, easing credit access, and enhancing operational resilience for the industry’s MSME ecosystem.
Under the agreement, CMAI members will gain access to a suite of banking services tailored to their unique business requirements. Key offerings include collateral-free MSME loans, credit card facilities, and complimentary corporate banking solutions. Businesses will benefit from free cash handling up to ₹20 lakhs per day, full waivers on RTGS and NEFT charges, and complimentary accidental and fire insurance coverage, helping reduce operational costs and financial risk.
Employees of member organizations will also enjoy significant advantages. Zero-balance salary accounts, free accidental and disability insurance coverage up to ₹200 lakhs, education benefits for children, concessional loans, and discounted locker rentals are among the perks designed to enhance employee welfare and financial security. Additional beneficial schemes are currently being finalized, signaling ongoing commitment to the sector.
Speaking on the collaboration, Ankur Gadia, Vice President, CMAI, said, “This partnership with Bank of India will help MSMEs access tailored financial solutions, strengthen operational stability, and provide enhanced welfare for employees. As the majority of our members are small and medium enterprises, such measures are vital to foster growth and sustainability in India’s garment industry.”
Smt. Shampa Biswas, General Manager – Government Business Department, Bank of India, added, “We are pleased to partner with CMAI and extend our inclusive and customized financial offerings to over 6,500 members. Our goal is to empower MSMEs with easier access to finance, helping them scale efficiently while managing risks effectively.”
This MoU reinforces CMAI’s ongoing efforts to act as a catalyst for growth, reduce financial barriers, and strengthen the competitiveness of India’s apparel MSME ecosystem. By combining tailored banking solutions with employee-focused benefits, the collaboration positions CMAI members to navigate challenges, drive productivity, and sustain long-term growth in a rapidly evolving market.
