Bank of India to assist poultry farmers
According to a recent agreement, Suguna Poultry, a pioneer in integrated broiler farming activities, would recommend its contract farmers to avail hassle-free financial assistance from the State Bank of India (SBI).
The Agri-business unit of SBI, agreed to assist contract farmers engaged in poultry-related activities to double their production. The bank would do so by extending loans without any security to those farmers recommended by Suguna Poultry.
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 % 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. He said that the rate of interest would be 9.5 % for loans and repayment in the contract farming would be prompt.
