𝘐𝘯𝘥𝘪𝘢𝘯 𝘖𝘷𝘦𝘳𝘴𝘦𝘢𝘴 𝘉𝘢𝘯𝘬 𝘚𝘪𝘨𝘯𝘴 𝘔𝘖𝘜 𝘸𝘪𝘵𝘩 𝘈𝘮𝘶𝘭 𝘢𝘯𝘥 𝘙𝘪𝘤𝘩𝘱𝘭𝘶𝘴; 𝘗𝘭𝘢𝘯𝘴 𝘵𝘰 𝘌𝘮𝘱𝘰𝘸𝘦𝘳 𝘖𝘯𝘦 𝘓𝘢𝘬𝘩 𝘖𝘳𝘨𝘢𝘯𝘪𝘤 𝘍𝘢𝘳𝘮𝘦𝘳𝘴 𝘋𝘶𝘳𝘪𝘯𝘨 𝘛𝘩𝘦 𝘠𝘦𝘢𝘳
Chennai, May 29, 2025: In a landmark development that promises to redefine the contours of sustainable agriculture in India, Indian Overseas Bank has entered into a tripartite Memorandum of Understanding (MoU) with AMUL, India’s largest dairy cooperative, and Richplus, AMUL’s organic farming partner. The MoU was signed today at the Bank’s Head Quarters in Chennai.
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| (L to R) Amit Vyas, Managing Director, Amul Dairy, Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank, Ashok Sarrangan, Managing Director, RichPlus |
The Memorandum of Understanding (MoU) was formally signed by Smt Vijaya.N, General Manager, Indian Overseas Bank; Shri Amit Vyas, Managing Director, AMUL Dairy; and Shri Ashok Sarrangan, Managing Director, Richplus, in the esteemed presence of Shri Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank. This first-of-its-kind collaboration between a major public sector bank and organic farming leaders aims to bring transformative benefits to farmers across India, especially in Tamil Nadu, where organic farming is steadily gaining ground.
Speaking on the occasion, Shri Ajay Kumar Srivastava, MD & CEO of Indian Overseas Bank stated: This partnership underscores our deep commitment to nation-building through sustainable agriculture. As part of this MoU, Indian Overseas Bank is targeting to onboard 1 lakh organic farmers. This outreach will be supported by a structured engagement strategy, providing farmers with access to credit, organic inputs, training, certification, and market access, creating a comprehensive ecosystem for sustainable growth. We believe that healthy soil leads to healthy citizens, and organic farming is central to achieving the vision of a ‘Viksit Bharat’.
Adding to this, Shri Ashok Sarrangan, MD of Richplus, remarked: We believe this collaboration will set a benchmark for sustainable farming practices in India. Our collective efforts will ensure that farmers are not only equipped with resources but also inspired to innovate for a greener future.
A key feature of the initiative is the launch of a co-branded Organic Farming Card for IOB account holders. This exclusive card offers farmers access to discounted organic inputs through AMUL’s certified outlets and a host of other benefits including free agronomist support, training opportunities, and high-quality seeds. The MoU also facilitates NPOP certification for farmers and guarantees buy-back arrangements to ensure fair pricing and market stability. In a further commitment to sustainable agriculture, IOB will introduce a dedicated credit scheme “Harit Kranti “, tailored to the needs of organic farmers.
To scale the initiative, a series of organic farming conclaves will be organized, beginning with a major FPO meet in Madurai in June, followed by events across Tamil Nadu. As part of its internal wellness program, IOB will also integrate organic products into its employee ecosystem. This strategic alliance marks a significant step toward promoting climate-resilient, chemical-free farming, reaffirming the shared commitment of IOB, AMUL, and Richplus to build a healthier, more sustainable rural economy.
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