NDDB Signs MoU With PNB For Providing Finance To Beneficiary Organisations In Cooperative Sector

NDDB Signs MoU With PNB For Providing Finance To Beneficiary Organisations In Cooperative Sector

The Dairy Board will endorse eligible BOs to PNB for financing and provide technical and advisory support for the preparation of appraisal reports

Melvyn ThomasUpdated: Thursday, April 25, 2024, 04:28 PM IST
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Surat: The National Dairy Development Board (NDDB) has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) for providing finance to beneficiary organisations (BOs) in the cooperative sector, including milk unions/federations, multi-state cooperatives, producer owned institutions such as producer companies and NDDB’s subsidiary companies. S Regupathi, Executive Director, NDDB and Dipankar Mahapatra, General Manager, PNB signed the MoU in the presence of Dr Meenesh Shah, Chairman, NDDB. The agreement will be in effect for a period of 5 years.

'Collaboration crucial for expansion'

On the occasion, Dr Meenesh Shah, Chairman, NDDB stated that the collaboration between the two organisations is crucial for expansion and development of dairy infrastructure for producer-owned institutions. Investing in dairy infrastructure will undoubtedly bring more efficiencies to the dairy value chain. This will enrich our efforts to find sustainable and innovative solutions to overcome the challenges posed by the increasing demand for milk and milk products.

The Dairy Board will endorse eligible BOs to PNB for financing and provide technical and advisory support for the preparation of appraisal reports. Additionally, NDDB will offer periodic progress reports to PNB for projects being carried out by NDDB under the consultancy agreement. PNB will provide financial assistance in accordance with RBI Guidelines and internal guidelines from time to time on mutually agreed arrangements by way of term loans for development of dairying and other related infrastructure.

This includes working capital assistance for the benefit of the BOs and term loans for development of dairy infrastructure, manufacturing of value added products, milk testing, cattle feed and feed supplements, milk transportation, marketing infrastructure, ICT infrastructure, research & development, infrastructure for renewable energy and other infrastructure for enhancing efficiency, packaging of dairy and other related commodities, training centres, dairy equipment manufacturing, biologicals & nutraceuticals, manure management. PNB will offer financial assistance at a competitive rate of interest and also explore the availability of interest subvention under Central/State Govt. Schemes.

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