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IOB Partners with AMUL and Richplus to Empower Organic Farmers.

Economy Business | Dated: 05 Jun 2025

Indian Overseas Bank (IOB), a Public Sector Bank (PSB), has signed a tripartite Memorandum of Understanding (MoU) with Anand (Gujarat)-based AMUL (Anand Milk Union Limited), India’s largest dairy cooperative, and Chennai-based Richplus, a biofertiliser company.

🎯 Key Highlights:

  • - The objective of the MoU is to support and empower one lakh organic farmers by offering credit facilities and comprehensive agricultural support services, thereby advancing sustainable farming practices across India.
  • - A key highlight of the initiative is the introduction of a co-branded Organic Farming Card exclusively for IOB account holders. This card will enable farmers to access discounted organic inputs through AMUL's certified outlets, along with various other benefits.
  • - These benefits include free agronomist consultation, which will help farmers receive expert guidance on organic farming practices; training and capacity-building opportunities to enhance their knowledge and skills; and access to high-quality organic seeds, ensuring better crop yield and sustainable farming.

💡 Other Important Facts:

  • (i) The MoU also includes provisions for National Programme for Organic Production (NPOP) certification for enrolled farmers. Additionally, a buy-back arrangement is ensured to provide fair pricing and stable market access for organic produce.
  • (ii) As part of the initiative, IOB will roll out a dedicated credit scheme titled 'Harit Kranti', designed to address the specific financial needs of organic farmers.
  • (iii) To further promote this collaborative effort, a series of organic farming conclaves will be organized across the country. The first major Farmer Producer Organisation (FPO) meet is scheduled to be held in June 2025 in Madurai, Tamil Nadu.

📚 Test Your Knowledge:

Recently, which Public Sector Bank (PSB) signed a tripartite MoU with AMUL and Richplus to promote organic farming?

Correct Answer: Indian Overseas Bank

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