Categories: Agreements

SBI signed an MoU with Pondicherry Co-op Milk Producers’ Union Ltd

The State bank of India (SBI) has signed an MoU with Pondicherry Co-op. Milk Producers’ Union Ltd (PONLAIT) for financing individual dairy farmers up to Rs 3 Lakh. The Loan will be made available through YONO application of the SBI Bank. SBI has introduced a technology product, named ‘SAFAL- Simple And Fast Agriculture Loan’ for financing individual Dairy farmers, who are supplying milk to commercial dairies on a regular basis.

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About the agreement:

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

Important takeaways for all competitive exams:

SBI Chairperson: Dinesh Kumar Khara.
SBI Headquarters: Mumbai.
SBI Founded: 1 July 1955.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.