In sync with central government’s push for digital economy, HDFC Bank, under the aegis of its Milk to Money (M2M) programme has recently digitised payments at over 1,200 dairy co-operatives in the country.
M2M was launched in 2010 with a provision of benefits for about 3.2 lakh dairy farmers across 16 states in India.
“M2M is aimed at bringing dairy farmers into the organised banking system, digitising the entire dairy value chain, and bringing to them all products meeting their banking and financial needs,” said HDFC Bank.
“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 and have cash dispensers, while smaller collection points are equipped with business correspondents (BC) who operate Micro ATMs, enabling the farmer to withdraw the amount from his account immediately.
The payment coming into the farmers’ 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 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.