MOU between Baani Milk Producer Company Limited and State Bank of India
AVAILABILITY OF CREDIT PLAYS A CRUCIAL ROLE IN OVERCOMING FARMER’S FINANCIAL CONSTRAINTS TO INVEST IN FARM ACTIVITIES, INCREASING PRODUCTIVITY AND ADOPTING TECHNOLOGIES.
IN VIEW OF PROVODING BENEFITS OF PASHU KISAN CREDIT SCHEME TO DAIRY FARMER MEMBERS OF BAANI MILK PRODUCER COMPANY LIMITED, COMPANY HAS ENTERED INTO AN MOU WITH STATE BANK OF INDIA ON 7TH SEPTEMBER 2021 AT ITS LOCAL HEAD OFFICE AT CHANDIGARH.
Pashu Kisan Credit Card
KCC (AH&F) enables the farmers to meet the short term working capital requirements for the milch animals.
The KCC facility will meet the working capital requirements to meet the recurring cost towards feed, organic and inorganic fodder, medicine etc.
Maximum loan available under the scheme is Rs.1.60/- lacs without collateral and > Rs.1.60/- lac to Rs.3.00/- lacs with collateral.
Scale of finance is Rs. 44,018/- per animal/annum in case of Cow and Rs. 61,467/- per animal per annum for Buffalo/Exotic or Cross Bred cow.
Rate of interest for up to Rs.3 lac per farmer will be charged @ 7% p.a. (fixed) for total exposure i.e. including any previous KCC/Agri loan (eligible for interest subversion) borrowed from any bank.
Additional interest subversion of 3 per cent per annum for prompt repayment borrower i.e. effective rate @4%.
MOU between Baani Milk Producer Company Limited and State Bank of India was signed on 7th Sept 2021 at Local Head Officer of SBI at Chandigarh.
This MOU will help in taking benefits of Pashu Kisan Credit Card Scheme to the dairy farmer members of Baani Milk Producer Company Limited.
MOU was signed by Mr. Narinder Bahga CEO of Baani Milk Producer Company Limited and by Mr. Sumit Phakka on behalf of State Bank of India. Dr. Navdeep Dham (DGM Baani Milk Producer Company Limited) and Mr. Bipan Gupta (DGM State Bank of India) were also present on this occasion.
Key highlights of the scheme are:
- SBI will conduct village level meetings with help of Baani field staff to make members of Baani aware about the KCC scheme.
- The Bank will consider providing finance to the members, if bank is satisfied with the credentials, credit needs, progress, activities and satisfactory CIBIL of the members.
- Baani on receiving consent from the member will transfer milk payment into the KCC bank account of the member.
SBI regional teams along with Baani field staff have already started conducting meetings at village level and collection of the required documents.
