In a landmark development that promises to redefine the contours of sustainable agriculture in India, Indian Overseas Bank has entered into a tripartite Memorandum of Understanding (MoU) with AMUL, India’s largest dairy cooperative, and Richplus, AMUL’s organic farming partner. The MoU was signed today at the Bank’s Head Quarters in Chennai.
The Memorandum of Understanding (MoU) was formally signed by Smt Vijaya.N, General Manager, Indian Overseas Bank; Shri Amit Vyas, Managing Director, AMUL Dairy; and Shri Ashok Sarrangan, Managing Director, Richplus, in the esteemed presence of Shri Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank. This first-of-its-kind collaboration between a major public sector bank and organic farming leaders aims to bring transformative benefits to farmers across India, especially in Tamil Nadu, where organic farming is steadily gaining ground.
Speaking on the occasion, Shri Ajay Kumar Srivastava, MD & CEO of Indian Overseas Bank stated:
This partnership underscores our deep commitment to nation-building through sustainable agriculture. As part of this MoU, Indian Overseas Bank is targeting to onboard 1 lakh organic farmers. This outreach will be supported by a structured engagement strategy, providing farmers with access to credit, organic inputs, training, certification, and market access, creating a comprehensive ecosystem for sustainable growth. We believe that healthy soil leads to healthy citizens, and organic farming is central to achieving the vision of a ‘Viksit Bharat’.
Shri Amit Vyas, MD of AMUL, stated,
This partnership is a remarkable step toward reshaping Indian agriculture. By combining our strengths, we can create a transformative journey for farmers, allowing them to embrace sustainable practices that enhance their livelihoods.
Adding to this, Shri Ashok Sarrangan, MD of Richplus, remarked:
We believe this collaboration will set a benchmark for sustainable farming practices in India. Our collective efforts will ensure that farmers are not only equipped with resources but also inspired to innovate for a greener future.
A key feature of the initiative is the launch of a co-branded Organic Farming Card for IOB account holders. This exclusive card offers farmers access to discounted organic inputs through AMUL’s certified outlets and a host of other benefits including free agronomist support, training opportunities, and high-quality seeds. The MoU also facilitates NPOP certification for farmers and guarantees buy-back arrangements to ensure fair pricing and market stability. In a further commitment to sustainable agriculture, IOB will introduce a dedicated credit scheme “Harit Kranti “, tailored to the needs of organic farmers.
To scale the initiative, a series of organic farming conclaves will be organized, beginning with a major FPO meet in Madurai in June, followed by events across Tamil Nadu. As part of its internal wellness program, IOB will also integrate organic products into its employee ecosystem. This strategic alliance marks a significant step toward promoting climate-resilient, chemical-free farming, reaffirming the shared commitment of IOB, AMUL, and Richplus to build a healthier, more sustainable rural economy.
About Indian Overseas Bank
Indian Overseas Bank (IOB) was founded on February 10, 1937, by Shri M.Ct.M. Chidambaram Chettyar, a pioneer in various fields. In 1969, IOB was one of the 14 major banks nationalized by the Indian Government. At present, IOB has Strong Domestic presence of 3335 Branches with around 3497 ATMs and also provides services across India in four countries: Singapore, Hong Kong, Thailand, and Sri Lanka with a Trust of more than 41 million active customers in bank’s fold.
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