Kwality Ltd inks MoU with Central Bank of India
Kwality Limited, India's premier dairy foods company and Central Bank of India on Sunday signed a memorandum of understanding (MoU) for financing of dairy animals to the Milk Producer Farmers (MPF) and to provide financial assistance for expansion/establishment of their dairy farms.
As per the MoU, Kwality Limited will identify the farmers, who supply milk to them and in requirement of financial assistance.
The company will then recommend their names to the bank and upon checking the credentials of the farmers, the bank will extend its credit facility to the Milk Producer Farmers (MPF) under Bank's ‘Cent Dairy’ scheme. Kwality Dairy will help the farmers in the documentation process in the prescribed format as according to the needs of the bank.
This MoU will further ensure procurement of good quality of milk to Kwality Ltd. The company will also help remitting the sale proceeds of the milk from the farmers, directly to the bank for appropriation towards the loan/credit of farmers account.
Kwality Ltd Director Sidhant Gupta said: ‘We are delighted to partner with a reputable bank like Central Bank of India, This memorandum of understandingwill help us to further procure good quality milk from farmers, which helps us to strengthen our supply side and hence improving our margins.
This step is in line with the company’s philosophy and commitment to help the dairy farmers for their financial needs and well being’.
Kwality is also providing technical inputs like artificial insemination, advice on prevention and cure of common diseases, feed supplements, balanced cattle feed on no-profit-no-loss basis etc. to the farmers.