Kerala State Cooperative Bank and the Kerala-based dairy brand MILMA signed a Memorandum of Understanding (MoU) last week to boost the state’s domestic milk production and ensure the financial security of dairy farmers and MILMA franchise owners.
The MoU was signed by Jorty M. Chacko, CEO of Kerala Bank, and Asif K. Yusuf, IAS, Managing Director of MILMA, in the presence of Gopi Kottamurickal, President of Kerala Bank, and K.S. Mani, Chairman of MILMA, at Kerala Bank’s Head Office in Thiruvananthapuram.
Under the terms of the MoU, Kerala Bank will provide loans of up to Rs 3 lakh to dairy farmers under the “Ksheera Mithra” scheme, aimed at purchasing cattle, setting up necessary infrastructure, and covering other related needs. MILMA franchisee owners will be eligible for loans of up to Rs 1 lakh in cash credit, based on their turnover, to cover their daily recurring expenses.
The partnership follows a favourable decision by both Kerala Bank, which serves 75 lakh customers, and MILMA, which distributes 17 lakh liters of milk daily.
This collaboration between the two prominent cooperatives will benefit over 10.6 lakh dairy farmers, more than 30,000 MILMA franchisee owners, and other related institutions across the state.
Bank authorities also announced that Kerala Bank plans to form additional partnerships with other cooperative institutions in the state this year, continuing to promote the idea of “Cooperation among Cooperatives.”
The meeting was attended by bank Chief General Manager Sri. Roy Abraham, several General Managers, and MILMA marketing consultant Sri. Sreejith Nair, among others.
