Chennai | May 29, 2025 — In a significant step toward advancing sustainable agriculture and organic dairy farming in India, Indian Overseas Bank (IOB) has signed a tripartite Memorandum of Understanding (MoU) with AMUL, the country’s largest dairy cooperative, and Richplus, AMUL’s strategic partner in organic farming.
The partnership is poised to accelerate the adoption of organic and regenerative practices in India’s agriculture sector, ensuring better returns for farmers while addressing growing concerns about soil health, food safety, and environmental sustainability.
🤝 A Synergy for Sustainable Rural Prosperity
The MoU reflects the shared vision of the three organisations to integrate:
- Credit support from IOB
- AMUL’s grassroots cooperative network
- Richplus’s expertise in organic certification and soil biology
This collaboration will help farmers transition to organic production models, promote the use of natural inputs, and ensure traceability across the supply chain—from farm to consumer.
“This partnership is not just about financing; it’s about enabling a regenerative ecosystem,” said an IOB official during the signing ceremony.
🧀 AMUL’s Organic Vision Expands
While AMUL is widely recognised for its dairy leadership, this MoU strengthens its farm-to-market ecosystem through sustainable agriculture. Farmers will benefit from:
- NPOP certification support
- Buy-back guarantees for produce
- Access to quality organic inputs via certified AMUL outlets
- Agronomist guidance and seed distribution
This collaboration enables farmers to transition into sustainability, backed by the combined strength of credit, capability, and commitment.” Amit Vyas, MD of AMUL
đź’¸ Financial Enablement with Purpose
Under the MoU:
- IOB will provide tailored loan products for farmers shifting to organic inputs
- Credit linkage will be aligned with sustainable performance metrics
- Richplus will facilitate farmer onboarding, certification, and agri-input support
This is expected to reduce cost pressures on smallholders, who often face barriers in adopting organic practices due to a lack of finance and training.
🌏New Tools for Rural Prosperity
A special feature of the initiative is the launch of a co-branded Organic Farming Card for IOB customers. This card offers:
- Discounts on organic inputs
- Free training opportunities
- Preferential access to AMUL-Richplus services
In support of these activities, IOB will roll out a dedicated loan product—“Harit Kranti”—designed specifically for organic agriculture.
Editor’s Note (Updated May 30, 2025)
An earlier version of this article inaccurately described the MoU between Indian Overseas Bank (IOB), AMUL, and Richplus as focused on organic dairy farming. We have since reviewed the official press release and clarified that the agreement pertains broadly to promoting organic and sustainable agriculture more broadly, and not specifically to the dairy sector. The headline and content have been updated to ensure accuracy.
We regret the oversight and thank Veritas Reputation PR for bringing it to our attention.
— Editorial Team, Dairy Dimension
