One of the largest dairy companies in India Kwality has disbursed the first tranche of Rs 4000 crore of loans to over 400 farmers at an event organised at Sardarshahar and Lunkaransar in the districts of Churu and Bikaner, Rajasthan, respectively.
This is a part of a MoU, inked earlier this year, where Bank of Baroda would disburse Rs 4,000 crore of loans to Kwality's one lakh farmers in the initial phase, out of its existing network comprising of 3.5 lakh farmers across 4,700 villages across Rajasthan, UP, and Haryana, said the company in a statement.
Talking about the MoU, Kwality further added, "Offered at a preferential rate of 8.6% per annum each farmer can avail up to Rs 4 lakh and the funds shall be utilised towards purchasing of milking animals, a smartphone, and a two-wheeler. Though this scheme, the company aims to increase its direct procurement from farmers which currently contributes 22 per cent of its milk handling capacity of 3.4 mn litres/day."
The event was graced by the presence of Arjun Ram Meghwal, Minister of State for finance, Rajasthan, who said, "This noble initiative is in line with our honourable Prime Minister's vision to double the farmer income by 2022 and graduate them towards digitisation."
RS Khanna, Chairman, Kwality said, "Our Company is committed to improving the socio-economic lives of the farmer community and this scheme is aimed towards the same. This would empower farmers to increase their income levels and steer towards digitisation which would accelerate financial inclusion, ease Direct Benefit transfers, foster e-learning, increase awareness about government schemes/incentives and industry/news updates, and enable seamless transactions. We are hopeful that this initiative will lay the foundation for second white revolution."
Sanjay Dhingra, Managing Director, Kwality said, "We are growing and evolving rapidly with an aim to become best-in-class B2C dairy company compliant with global standards. On this occasion, we would like to extend our sincere gratitude to all the milk producing farmers for their trust in our company and invite all the farmers of Sardarshahar and Lunkaransar to join Kwality family."
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