IINDORE, 06 December 2016 : In a view supporting farmers in availing the benefits of digital banking post demonetization, Ruchi Soya has partnered with India’s largest bank State bank of India (SBI).
P K Balaji, deputy general manager, SBI highlighted the need for farmers to come into the banking fold and said that in the long run, farmers will be greatly benefitted by demonetization and digitization.
Ruchi Soya is associated with 10 million farmers across the country through crops like soybean, mustard and palm.
To start off, banking assistance will be provided to soybean farmers in Indore, Samwer, Manglia and Ujjain mandis in Madhya Pradesh.
Ruchi Soya further plans to expand this programme across the country encompassing other states like Maharashtra, Rajasthan, Andhra Pradesh and Gujarat.
Speaking on this development, Dinesh Shahra – founder & managing director, Ruchi Soya Industries Limited said, “Prime Minister’s demonetization move to eradicate black money is a great step as increased transparency and credit access will go a long way in developing India's agricultural sector which accounts for employment of over 50 per cent of the Indian population.”
“Access to banking system will provide necessary credit for investment in agrarian sector which will create more jobs and opportunities in India's hinterlands,” Shahra stressed.
He further added “I’m hopeful that more corporates and institutions will come forward and participate in the process of educating and empowering the rural farmers and make them truly ‘DigitalKisan’.
Indore based Ruchi Soya is India’s leading Agri and Food FMCG company with a turnover of USD 4 billion.
How the Ruchi Soya & SBI’s Kisan Kalyan Ayojan initiative will help the farmers
- Opening of Bank Accounts of Farmers/Agricultural Labours
- Procuring produce directly from farmers at the right price
- Ensuring Farmers receive their payment immediately through internet banking
- Maintaining banking helpdesks for farmers coming to sell off their produce in mandis
- Educating farmers on the banking process through awareness seminars
Caption: Rajesh Sonkar, MLA (centre) with Sushil Doshi (to his left), followed by Varad Murti Mishra, Additional Collector & CEO Zila Panchayat and Pradeep Koolwal, Global Head of Crushing, Ruchi Soya Industries Limited. Also in the photograph are SBI & Ruchi Soya officials; including a few farmer leaders from MP