IndusInd Bank Limited (IBL) and Bharat Financial Inclusion Limited (BFIL), a wholly owned subsidiary of IBL, have signed an MoU with the Ministry of Agriculture and Farmers Welfare (MoA&FW), Government of India, to launch the Bharat Sanjeevani Krishi Utthan initiative.
The initiative aligns with the government’s flagship program, “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs),” and aims to provide a robust framework for empowering FPOs across India. These organizations play a pivotal role in enhancing farmers’ bargaining power, reducing production costs, and improving incomes through collective efforts.
This unit will oversee the implementation of FPO projects at the national level and in 11 target states, including Andhra Pradesh, Bihar, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana, Uttar Pradesh, and West Bengal.
It also includes capacity-building, IT infrastructure development, and data management to optimize FPO operations. Specialists in agriculture, food processing, market linkages, and cold chains will drive day-to-day activities and strengthen the FPO ecosystem.
This partnership marks the first formal collaboration of the Ministry of Agriculture with corporate entities for FPO development, highlighting the potential of public-private partnerships in rural empowerment.
BFIL and IBL have previously demonstrated expertise in agri-allied sectors through the Bharat Sanjeevani initiative, which provides veterinary services to rural communities. The new initiative builds on this success, extending their focus to agricultural productivity and resilience.
The partnership will include quarterly reviews to ensure project milestones are met and challenges addressed, reaffirming BFIL and IBL’s dedication to the growth of India’s agricultural sector.
This collaboration sets a benchmark for innovative approaches to rural development, underscoring the power of technology and corporate participation in transforming the lives of farmers.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
