State Bank of India, PONLAIT ink pact loaned to dairy farmers

The State Bank of India (circle of Chennai) signed a memorandum of understanding with the Puducherry Cooperative Milk Producers Union (PONLAIT) to provide loans to individual dairy farmers here.

The loan would be granted under the Bank’s SAFAL (simple and rapid agricultural loan) program. The loan amount is up to a limit of Rs 3 lakh.

A press release says the memorandum of understanding was signed by Dairy Development Officer-cum-Joint Director of Animal Husbandry, Dr Coumaravelu, and Deputy Managing Director of the bank Salem Prasanna Kumar. Chief Minister N Rangasamy and Bank Managing Director Challa Sreenivasulu Setty were present on the occasion recently.

The statement said the Chennai circle of the bank which includes Tamil Nadu and Puducherry would make the loan available as part of the bank’s YONO application.

About 3,500 dairy farmers supplying milk to 98 primary dairy companies in PONLAIT would benefit from the deal, the statement said.

This is the first memorandum of understanding signed in the Chennai circle of the bank that plans to enter into such agreements with commercial dairies across the country to finance farmers supplying milk to dairies.

The chief minister recently told reporters that the Union territory obtains milk from Karnataka to meet its daily needs. The current mechanism for relaunching milk production with the help of bank loans would help the administration of the Union territory to meet daily milk needs.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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