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Edible oil firm Ruchi Soya Industries in association with State Bank of India (SBI) today launched an initiative to provide banking assistance to farmers.
“To start off, banking assistance will be provided to soybean farmers in Indore, Samwer, Manglia and Ujjain mandis in Madhya Pradesh,” Ruchi Soya Industries said in a statement.
The company will further plans to expand this initiative across the country in states like Maharashtra, Rajasthan, Andhra Pradesh and Gujarat, it added.
Under the initiative ‘Kisan Kalyan Ayojan’, the company will help farmers to open bank accounts, procure the produce directly from farmers at the right price and ensure farmers get their payment immediately through internet banking.
Besides, the company will maintain banking help desks for farmers coming to sell-off their produce in mandis and educate farmers on the banking process through awareness seminars.
“Access to banking system will provide necessary credit for investment in agrarian sector, which will create more jobs and opportunities in India’s hinterlands,” said Ruchi Soya Industries Founder and Managing Director Dinesh Shahra.
The company is associated with 10 million farmers growing soybean, mustard and palm.
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