Karnataka Bank inks pact with Digivriddhi to offer financial services to dairy farmers

Mangaluru

Karnataka Financial institution has partnered with fintech firm Digivriddhi (DGV) to supply monetary companies catering to the wants of dairy farmers and milk societies. The companies will likely be made out there at village dairy co-operative societies related to milk unions of Karnataka Milk Federation (KMF).

To start with, the companies at the moment are made out there to take advantage of societies related to Chamarajnagar Milk Union.

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Quoting Srikrishnan H, Managing Director and Chief Govt Officer (CEO) of Karnataka Financial institution, a media assertion mentioned, “We’re accelerating our fintech initiatives and collaboration with companions throughout numerous verticals with a view to enhancing entry to markets and buyer expertise. This partnership with DGV will present seamless and progressive end-to-end digital product choices to the dairy farmers and supply entry to institutional credit score, whereas easing and digitizing funds throughout the dairy worth chain.”

Sekhar Rao, Govt Director of Karnataka Financial institution, mentioned Karnataka Financial institution has a wealthy legacy of being a key participant in agricultural sector with robust under-writing capabilities for mortgage disbursals duly complemented with the presence of specialized agriculture subject officers in potential areas. “We are going to additional consolidate this portfolio with this tie up with fintech associate DGV by rolling out particular merchandise/options synergizing the distinctive strengths of each the businesses for the dairy sector,” he mentioned.

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Ragavan Venkatesan, Founder and CEO of DGV, mentioned ‘DGV Pay’ product simplifies the funds worth chain for dairy farmers and micro-enterprises serving to with their primary banking wants, together with opening of financial institution accounts. ‘DGV Cash’ product is constructed with a singular underwriting mechanism that facilitates digital working capital and bovine loans to farmers, Venkatesan mentioned.