Dairy-tech start out-up Stellapps has tied up with India Article Payments Financial institution (IPPB) to digitise the milk procurement worth chain and promote banking facilities at milk collection centres. As section of memorandum of understanding, a pilot undertaking has been launched in 4 villages with two hundred farmers at a greenfield dairy in Tamil Nadu’s Dharmapuri district.
By way of the tie-up, Stellapps is aiming to bring dairy farmers in the fiscal mainstream across villages in Tamil Nadu, Odisha, Bihar, and Rajasthan in the coming months, the firm claimed in a statement. IPPB will present obtain to cash and other banking companies like deposits, Aadhar-enabled payment companies, domestic funds transfer, bill payments, and other relevant companies. Stellapps claimed it ideas to leverage IPPB’s last-mile distribution network of about one.36 lakh write-up workplaces and just about one.nine lakh postmen and Grameen Dak Sevaks, equipped with smartphones and biometric products.
Stellapps had not long ago launched a entirely automatic electronic direct farmers payment product for dairy processors, like cooperatives named “mooPay”.
J Venkatramu, MD & CEO, IPPB, claimed, “This strategic partnership aims to generate major options and develop obtain to a array of fiscal companies for millions of unbanked and underbanked dairy farmers. With dairy offer chain becoming an vital section of the rural economy, IPPB is dedicated to empowering dairy farmers.”
“The partnership with IPPB will support us enfold much more farmers with credit history and insurance coverage companies and get the electronic economy to Indian rural villages,” claimed Ranjith Mukundan, CEO, Stellapps.
Stellapps is introducing IPPB through its dairy companions the place the direct farmer payment solutions have been applied. The nearby write-up office environment will designate an official who will go to the respective milk collection centre for providing banking companies to farmers. Farmers also have an possibility of travelling down to the closest write-up office environment and avail the companies, it claimed.