State Bank Of India, PONLAIT Ink Pact On Loan To Dairy Farmers

State Bank of India (Chennai circle) has inked a memorandum of understanding (MOU) with the Puducherry Cooperative Milk Producers Union (PONLAIT) to provide loan to individual dairy farmers here.

The loan would be given under SAFAL (simple and fast agriculture loan) scheme of the bank. The amount of loan is up to a limit of Rs 3 lakh.

A press release said the MoU was signed by Dairy Development Officer- cum-Joint Director of Animal Husbandry Dr Coumaravelu and the deputy general manager of the bank Salem Prasanna Kumar. Chief Minister N Rangasamy and managing director of the bank Challa Sreenivasulu Setty were present on the occasion recently.

The release said the Chennai circle of the bank which includes Tamil Nadu and Puducherry would make the loan available under the bank's YONO application.

Around 3,500 dairy farmers supplying milk to 98 primary milk societies of PONLAIT would be benefited by the arrangement, the release said.

This was the first MoU signed in the Chennai circle of the bank which plans to enter into such agreements with commercial dairies throughout the country to finance farmers supplying milk to the dairies.

The Chief Minister had told reporters recently that the Union Territory was procuring milk from Karnataka to meet its daily requirements. The present arrangement to boost milk production with the help of bank loans would help the administration of the union territory to meet the daily requirement of milk.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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