Upsurge in cashless transactions to milk producers/ farmers after demonetisation

India Infoline News Service | Mumbai | February 07, 2017 14:03 IST

In order to tackle the problems caused by demonetisation, GCMMF/Amul had been specifically directed to ensure 100% milk producers accounts to be opened by the end of 2016. Similarly, other co-operatives had also been directed for opening of 100% accounts of milk producers/farmers by January 30, 2017.

In order to tackle the problems caused by demonetisation, GCMMF/Amul had been specifically directed to ensure 100% milk producers accounts to be opened by the end of 2016.

Similarly, other co-operatives had also been directed for opening of 100% accounts of milk producers/farmers by January 30, 2017.

Percentage of milk producers/farmers with bank accounts surged from 49.27% to 63.42% after demonetisation, due to which cashless transactions to milk producers/farmers hiked from 23.82% to 72.25% after demonetisation.

There are a whopping 1.70 lakh Dairy Co-operative Societies (DCS) at village level having 1.6 crore milk producers affiliated with 218 milk unions.



About 850 lakh litres per day milk is procured totally, out of which co-operative sector procures about  425 lakh litres per day and about 425 lakh litres per day is procured by the private sector.

The Central government periodically reviews and monitors the system related to the easing of payment to milk producers.

 

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