The palm oil division of Ruchi Soya Industries Ltd. recently conducted an awareness camp for over 150farmers in Singampalli village near Kakinada, Andhra Pradesh. Post demonetization, there were reports of difficulties faced by farmers in conducting financial transactions across the country.
Cash being the primary mode of transaction, demonetization had impacted farmers at large. To address this issue and support the farmers through this difficult period, Ruchi Soya has launched the 'Kisan Kalyan Ayojan' digital banking initiative. As part of this initiative, the company is organizing awareness camps to help farmers open bank accounts so that they get payments online directly into their bank accounts.
Dinesh Shahra, Founder and Managing Director, Ruchi Soya Industries Ltd. said, "We have always strived to bring about a positive change in the palm oil industry, and our efforts began even before demonetization. Today's initiative builds on the foundation laid by us in Andhra Pradesh two decades ago; when we introduced cashless transactions by helping palm farmers open bank accounts. Our mission is to touch the lives of over 30,000 palm plantation farmers through the digital banking awareness camps and empower them to step fearlessly into the digital age."
The awareness camp was organized in association with State Bank of India (SBI) and local farmer associations. Former president of the Andhra Pradesh Oil Palm Farmers Association Satti Rama Reddy, district president Pendyala Buchi Babu, Assistant Director of Horticulture Gopi Kumar and others were present. Progressive oil palm farmers M.V.V. Satyanarayana Murthy and Arumilli Abbai Chowdary were felicitated on the occasion. Special banking help-desks were arranged to educate the farmers on the banking process and digital ecosystem.
S. Srinivasa Rao, Chief Manager, Agriculture Development Branch, State Bank of India, Peddapuram spoke on the use of mobile applications for banking transactions. He said, "Banking is now just a few clicks away on your mobile phones. Besides making and receiving calls, you can now use your mobile phone as your wallet."
Ruchi Soya, associated with over 10 million farmers across India, is the leading player in palm oil processing with 0.52 million tonne capacity per annum in India, and access to over two lakh hectares of potential oil palm cultivation in India. Apart from Andhra Pradesh, the company has access to palm plantations in Telangana, Karnataka, Tamil Nadu, Mizoram, Gujarat, Odisha, Chhattisgarh and Arunachal Pradesh. Going forward, the company will organize the digital banking awareness camps in the eight other states as well.
"Cashless transactions are paving the way for transparency. To help the farmers make cashless purchases PoS devices were installed in all the 18 centers from where they procure fertilizers. Due to our efforts, the digital ecosystem today includes RFID Cards, Hand-held Devices and Digital Scales for accuracy and quick E-procurement of Oil Palm FFB from the farmers," said P Mallesham, Head of Ruchi Soya Industries (Oil Palm division).