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Samunnati has set up an in-situ loan disbursement team to process and make payment to the FPO
Samunnati and Maha FPO Federation have come together to host farmgate procurement of onion in Maharashtra. The Maha FPO has received orders from the National Cooperative Consumers Federation of India (NCCF) for 5,000 tonnes of onion and gram, which would be procured from FPOs on its roster. Under the programme, Samunnati has set up an in-situ loan disbursement team to process and make payment to the FPO and to farmers for the procurement of these 5,000 tonnes of onions, instantly under an anchor finance plan to Maha FPO Federation. In addition, 5,000 tonnes of (bengal) gram or chana will also be procured under the same programme for NCCF.
Over 50 FPOs to take part Over 50 FPOs are expected to participate in the programme in Maharashtra’s Nashik, Pune, and Ahmednagar districts, where the commodities will be graded and kept for future distribution. This programme will in a first provide a platform where an FPO Federation can collaborate with an external agency to provide quick door-to-door credit services to its members, Samunnati said in a statement.
N Ganesh, Head of the Lighthouse FPO programme from Samunnati said,“Farmer requirement in the context of fresh commodities is all about time and our idea is to create a model where we are able to enable the same by addressing the liquidity need at the speed of light”.
Sanjay Pandhare of Maha FPO, which is anchoring the programme said,“There are times when the prices are right and commodities are available, but working capital is a challenge. Samunnati’s proposal to process and disburse working capital real-time can become a game changer for the future of F&V farmgate procurement”.
Samunnati will enable the purchase of onion and gram worth ₹30 crore in Pune. The same programme would subsequently be expanded to other districts in Maharashtra, the statement said
