Federal Bank Strikes Partnership with Supplyco

KOCHI:
Federal Bank has signed Memorandum of Understanding with Kerala State Civil Supplies Corporation Ltd (Supplyco) for extending loan against paddy receipt sheets to registered paddy growers of Kerala. Kerala State Civil Supplies Corporation Ltd is the agency for procurement of paddy from paddy growers in Kerala under food grain procurement scheme. On procurement of paddy, Supplyco will issue a Paddy Receipt Sheet (PRS) indicating the amount due to the farmer. Federal Bank will then extend short term farm credit to the registered growers against paddy receipt sheet issued by Supplyco. Thomas K C (Vice President, Federal Bank) exchanged the MoU with Anil P S (Manager – Finance, Supplyco) in Kochi.