IndusInd Bank Limited (IBL) and its subsidiary Bharat Financial Inclusion Limited (BFIL) have signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture and Farmers Welfare (MoA & FW), Government of India, to launch the Bharat Sanjeevani Krishi Utthan initiative. This program aims to support 10,000 Farmer Producer Organizations (FPOs) across the country, enhancing farmers’ incomes through sustainable practices and advanced technology.
Key Objectives:
- Empowering FPOs: The initiative supports the government’s flagship program, “Formation and Promotion of 10,000 FPOs,” by helping farmers aggregate their produce, improve bargaining power, reduce production costs, and enhance profitability.
- Leveraging Technology: BFIL and IBL will provide data-driven solutions, capacity-building resources, and IT infrastructure to optimize FPO operations.
- Sustainable Growth: Focused on improving agricultural productivity and promoting resilient practices across 11 states, including Andhra Pradesh, Maharashtra, Uttar Pradesh, and West Bengal.
Implementation:
The Bharat Sanjeevani Krishi Utthan initiative will establish a Centralized Project Management Unit (CPMU) at the national level and in the 11 target states to oversee and guide FPO development. The initiative marks the first formal collaboration of the Ministry of Agriculture with corporate entities to achieve its FPO development goals.
Industry Collaboration:
The program will deploy experts in agriculture, horticulture, food processing, market linkages, and other areas to provide hands-on support to FPOs. The initiative builds on BFIL’s earlier success with the Bharat Sanjeevani program, which provides veterinary services to rural communities.
Mr. Faiz Ahmed Kidwai, Additional Secretary, MoA & FW: “By utilizing IT solutions and extending expertise, IBL and BFIL are empowering farmers to enhance production practices, contributing to sustainable growth in the agricultural sector.”
Mr. Srinivas Bonam, Head – Inclusive Banking, CSR & Sustainability, IBL: “This collaboration reflects our commitment to fostering agricultural resilience and rural empowerment in alignment with the nation’s goals.”
Mr. J Sridharan, Executive Vice Chairman, BFIL: “Through this initiative, we aim to build productive FPOs that sustainably improve farmers’ incomes.”
