Bank of Baroda enters into MOU with Small Farmers’ Agribusiness Consortium (SFAC) as a Preferred Bank for the State of Maharashtra on 07.02.2018:
The MoU signed by both organizations during the ‘Maharashtra Agribusiness Conclave’ held at Pune on 7th Feb,2018 organized by SFAC with a theme of “Doubling of Farmer’s Income- Development of Linkages for Sustainability of FPOs” is a step in direction for achieving the goal of doubling the farmers’ income by 2022 as envisioned by the Hon’ble Prime Minister.
The bank will play an active role in promoting quality investments in the Agri business sector and provide collateral free loans to Famers Producer Companies (FPCs) in the State under the Credit Guarantee Scheme of SFAC.
Small Farmers Agribusiness Consortium (SFAC) is an Autonomous Society promoted by Ministry of Agriculture, Cooperation and Farmers’ Welfare, Government of India which is pioneering inclusive growth of small and marginal farmers engaged in agribusiness activities.
Shri B.R. Patel, General Manager, Rural & Agri Banking and CSR, Bank of Baroda exchanged MOU with Shri Sumanta Chaudhuri, IAS, Managing Director of Small Farmers Agribusiness Consortium (SFAC) on this momentous occasion. Under the agreement, preferred bank status to Bank of Baroda for the State of Maharashtra is accorded by SFAC.
On this occasion, Shri Patel, while highlighting various initiatives undertaken by the bank in promotionof agri business, strongly committed to work jointly with SFAC for the upliftment of the farming community. He underscored that the relationship of the Bank with SFAC will immensely benefit the farmers in increasing their farm income and
assured that the bank will take all required steps to translate the agreement to business numbers in agri business domain. Both the organizations will promote new and vibrant Farmer Producer Organizations (FPOs) in the State besides strengthening the existing FPOs.