HDFC Bank digitises over 1200 dairy co-operatives across India
MUMBAI: In line with the government's push to digitise India, especially the banking sector, HDFC Bank, under the aegis of its Milk to Money (M2M) programme has digitised payments at over 1,200 dairy co-operatives in the country, the bank said Wednesday.
M2M was launched in 2010 and benefits about 3.2 lakh dairy farmers across 16 states, HDFC said.
"M2M is aimed at bringing dairy farmers into the organized banking system, digitising the entire dairy value chain, and bringing to them all products meeting their banking and financial needs," HDFC said in a statement.
"We are extremely proud of what we believe is the second White revolution in the country and the changes it has brought about in the lives of farmers," said Michael Andrade, Head - Agri Business, HDFC Bank. "Bringing them under the formal financial fold has enabled them to live a better life," he added.
Milk to Money ATMs at larger collection points have cash dispensers, while smaller collection points are equipped with business correspondent (BC) who operate Micro ATMs, enabling the farmer to withdraw the amount from his account immediately. The payment coming into the farmer's bank account creates a credit history, with which he can take a loan, buy more cattle, increase business and avail other banking products.
The M2M footprint now covers the states of: Gujarat, Rajasthan, Maharashtra, Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Odisha, Jharkhand, Bihar, Assam, Meghalaya, Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh.
The programme has gained momentum post demonetisation with massive growth in the number of co-operatives after November 2016, the bank said.
M2M was launched in 2010 and benefits about 3.2 lakh dairy farmers across 16 states, HDFC said.
"M2M is aimed at bringing dairy farmers into the organized banking system, digitising the entire dairy value chain, and bringing to them all products meeting their banking and financial needs," HDFC said in a statement.
"We are extremely proud of what we believe is the second White revolution in the country and the changes it has brought about in the lives of farmers," said Michael Andrade, Head - Agri Business, HDFC Bank. "Bringing them under the formal financial fold has enabled them to live a better life," he added.
Milk to Money ATMs at larger collection points have cash dispensers, while smaller collection points are equipped with business correspondent (BC) who operate Micro ATMs, enabling the farmer to withdraw the amount from his account immediately. The payment coming into the farmer's bank account creates a credit history, with which he can take a loan, buy more cattle, increase business and avail other banking products.
The M2M footprint now covers the states of: Gujarat, Rajasthan, Maharashtra, Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Odisha, Jharkhand, Bihar, Assam, Meghalaya, Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh.
The programme has gained momentum post demonetisation with massive growth in the number of co-operatives after November 2016, the bank said.
