State Bank of India has entered into a tie-up with Tirumala Milk Products, a South- based company which was acquired by Groupe Lactalis in 2014, to provide loans to dairy farmers who supply milk to the latter.
France-based Groupe Lactalis, which also acquired Indore-based Anik Dairy in 2016, wants to double the number of dairy farmers under its fold to three lakh and ramp up the amount of milk it procures daily to 25 lakh litres by 2020 from 14 lakh litres now.
Important Takeaways from above News:
- 01st April 2017 was the record date in India as the merger of State Bank of India took place (SBI) with five of its associate banks and Bhartiya Mahila Bank.
- State Bank of India has entered the league of ‘Top 50 Global Banks’ with a balance sheet size of Rs. 41 trillion.
- SBI was earlier placed at 54th rank globally but after the merging, it moved to the 44th position making it in the top 50 leading banks globally.
- The total customer base of the bank reaches 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
Source- The Hindu Business Line