[sbinews] SBI, Jain Irrigation Tie Up For Hands Contract Farming (Financial Express)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Wed, 3 Mar 2004 10:09:18 +0530
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SBI, Jain Irrigation Tie Up For Hands Contract Farming
(Financial Express)
OUR BANKING BUREAU
AURANGABAD, MARCH 1: The State Bank of India (SBI) has tied up with Jain
Irrigation Systems Ltd (JISL) for meeting the financial needs of the farmers
under JISL's contract farming scheme. This tie-up is, however, restricted to
onion farming. The bank is also considering similar tie-ups for grape
farming, banana cultivation and for medicinal plants with other companies.
SBI and the Jalgaon-based agro-firm have signed a memorandum of
understanding (MoU) under which the bank will provide term loans to farmers
for purchasing capital inputs from JISL. At present, farmers from Jalgaon,
Dhulia and Nandurbar districts of Maharashtra can avail of the facilities of
the MoU.
"This is a tri-patriate agreement between SBI, JISL and farmers," said SBI
chief general manager A Ramesh Kumar on Saturday at Aurangabad, after
announcing the tie-up.
The MoU is valid for one season and "We expect the tie-up to be renewed
after every season. We are looking at a longer participation," he said.
Under the MoU, farmers will deliver their produce to JISL and JISL will pay
directly to the bank its dues deducting the same from the proceeds of the
produce.
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