Bank of India helps out on Suguna’s recommendation
India’s integrated broiler-farming heavyweight, Suguna Poultry, may help its contract farmers to receive financial assistance from the State Bank of India, according to a memorandum of agreement signed recently.
The agri-business unit of SBI has agreed to assist contract farmers engaged in poultry-related activities to double their production, by extending loans – without any security – to any farmers recommended to the bank by Suguna.
According to the signatories, the memorandum of agreement would also enable the farmers to obtain easy loans for creation of assets, guaranteed supply of chickens and quality feed, regular veterinary guidance and supervision and protective shield from marketing problems. The farmers’ annual income would also increase by 100 per cent by 2010.
KJ Taori, General Manager (agri-business), said that encouraging contract farming would not only provide employment to youths but also open the door for the uneducated unemployed to start poultry business.
