Kerala Bank and MILMA ink MoU
In the background of UN declaring 2025 as the UN Year of Cooperatives putting forth the slogans of “Cooperation among Cooperatives” and “Cooperatives Build Prosperity for All”, Kerala took the initiative by imbibing the spirit of these slogans.
In a significant move, Kerala State Cooperative Bank ( Kerala Bank), the largest scheduled Bank among the cooperative banking sector in the country and MILMA, the largest diary marketing network in Kerala join hands to increase State's domestic milk production and to ensure financial security of dairy farmers and MILMA franchisee owners by inking an Memorandum of Understanding ( MoU). The MoU was signed by Kerala Bank Chief Executive Officer, Sri. Jorty M. Chacko and MILMA Managing Director, Sri. Asif K Yusuf, IAS in the presence of Kerala Bank President, Sri. Gopi Kottamurickal and MILMA Chairman, Sri.K.S.Mani at Bank Head Office in Thiruvananthapuram on 08.01.2025.
As per the MoU, the Kerala Bank will disburse loanto a maximum of Rs 3 lakh to dairy farmers under `Ksheera Mithra’ scheme for purchasing cattle, putting up necessary infrastruicture and related needs. MILMA franchisee owners will get up to Rs 1 lakh cash credit loan based on their turnover to meet their daily recurring expenses.
The cooperation came forth after management of both Kerala Bank, which has a customer base of 75 lakh and MILMA, which distributes 17 lakh litres of milk everyday took a favourable decision of this regard. The cooperation between the two prominent cooperatives in Kerala will benefit more than 10.6 lakh dairy farmers, more than 30,000 MILMA franchisee owners and other related institutions in the State.
The Bank authorities said that the Bank will come up with fruitful associations with more cooperative institutions in the State this year to carry forward the idea of `Cooperation among Cooperatives’.
The meeting was attended by among others Bank Chief General Manager, Sri.Roy Abraham, General Managers and MILMA marketing consultant, Sri.Sreejith Nair