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In a strategic move aimed at empowering Kerala’s dairy sector, the Kerala State Cooperative Bank (Kerala Bank) has signed a Memorandum of Understanding (MoU) with the Agricultural Insurance Company of India Limited (AIC) to provide livestock insurance coverage at affordable rates to dairy farmers.
The MoU was formally exchanged at the Corporate Business Office of Kerala Bank in Ernakulam last week. The agreement was signed by Kerala Bank CEO Jorty M. Chacko and AIC General Manager Lalit Kharbanda, in the presence of Bank President Gopi Kottamurickal.
The collaboration aims to provide insurance benefits to dairy farmers availing loans from Kerala Bank and also to over 10.6 lakh farmers registered under the Kerala Cooperative Milk Marketing Federation (MILMA).
Earlier this year, Kerala Bank had entered into a tie-up with MILMA to enhance milk production and meet the financial needs of dairy farmers and MILMA dealers across the state.
Under this initiative, livestock insurance will now be linked with the bank’s existing dairy loan scheme “Ksheera Mitra”, which offers loans up to ?3 lakh at concessional interest rates. The scheme enables dairy farmers to purchase cattle, upgrade infrastructure, and meet other related needs.
With a customer base of over 75 lakh and a strong network of 823 branches, Kerala Bank’s latest initiative is expected to provide significant relief and support to dairy farmers in mitigating risks and expanding their operations sustainably.
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