With an aim to ensure pure milk sourcing, earlier this year, Milk Mantra had made tie-ups with financial institutions Basix, IDBI and Co-operative Banks to provide cattle loans to its network farmers at low interest rate.
Milk Mantra MD and CEO Srikumar Misra said, "This is an expansion of our Ethical Milk Sourcing Programme which has created a strong network of more than 10,000 farmers. With the tripartite cattle loan initiative, we are going to create sustainable development among our network farmers."
The Ethical Milk Sourcing Programme is aimed at making transparent and timely payment to farmers and several other extension services for developing the dairy sector which will lead to improvement of rural livelihood and create interest among rural youth to look at dairying as a regular supplementary source of income.
The banks will provide cattle loan to the network farmers at a nominal interest rate.
While the banks usually charge 24 per cent interest rate for the normal cattle loan, IDBI Bank will charge an interest of 11 per cent.
IDBI DGM labayendu Padhi said, "For the first time in Odisha, any private sector dairy company has done this kind of engagement for their network farmers. We are very happy to be one of the partners of Milk Mantra in achieving the company's vision of nourishing a truly pure living of the consumers and the farmers."