Shri P.K. Balaji – Deputy General Manager, SBI in his key note address 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.
Mr. Dinesh Shahra – Founder & Managing Director, Ruchi Soya Industries Limited said, “We are delighted to be partnering India’s largest bank – SBI which has a large rural reach to launch this banking initiative for farmers. Our Hon’ble 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% 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.”
Ruchi Soya & SBI’s Kisan Kalyan Ayojan initiative will help the farmers in the following ways:-
- 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
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.
Ruchi Soya is associated with 10 million farmers across the country through crops like soybean, mustard and palm.