The State Bank of India (Chennai circle) and the Puducherry Cooperative Milk Producers Union (PONLAIT) have signed a memorandum of understanding (MOU) to provide loans to individual dairy producers in the region.
The bank's SAFAL (simple and rapid agriculture loan) scheme will be used to provide the loans. The loan amount is restricted to Rs.3 lakh.
The MoU was signed by Dairy Development Officer-cum-Joint Director of Animal Husbandry Dr.Coumaravelu and the bank's deputy general manager Salem Prasanna Kumar, according to a press release. N Rangasamy, the Chief Minister of Tamil Nadu, and Challa Sreenivasulu Setty, the bank's managing director, were both present at the occasion recently.
According to the press release, the bank's Chennai circle, which encompasses Tamil Nadu and Puducherry, would make the loan available through the bank's YONO application.
According to the release, the arrangement would help over 3,500 dairy farmers who supply milk to PONLAIT's 98 primary milk societies.
This was the bank's first MoU signed in the Chennai circle, and it plans to sign more with commercial dairies around the country to finance farmers who supply milk to the dairies.
The Union Territory was recently told by the Chief Minister that it was procuring milk from Karnataka to suit its daily needs. The current agreement to raise milk production with the help of bank loans will assist the union territory's administration in meeting the daily milk requirements.
What is the Purpose of availing Dairy Farm Loans?
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Establishing a new dairy farm unit or expanding an existing dairy farm unit
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Buying mulch animals for small dairy operations
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Crossbreeding of mulch cows and buffalos for the production of young calves
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To buy milk machines such as bulk milk chillers, automated milk collection and dispersal systems, and milk vans
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To satisfy additional capital needs for the farm's smooth operation, such as growing feed for livestock.
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Cattle shed construction, enlargement, or restoration
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Services for cold storage
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Dairy marketing outlets
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Purchasing dairy dispensing equipment, chaff cutters, and other related items
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Transportation services for dairy made items
