On February 23, 2021 Stellapps, an IIT(Indian Institute of Technology) Madras incubated dairy-tech startup signed a Memorandum of Understanding(MoU) with India Post Payments Bank (IPPB) to digitize the dairy milk procurement value chain and improve banking facilities at milk collection centres.
Purpose: To expand access to a range of financial services for millions of unbanked and underbanked dairy farmers.
Provisions of MoU:
Pilot Project in Tamil Nadu
Under the MoU, a pilot project has been launched in 4 villages in Dharmapuri district of Tamil Nadu with 200 farmers at a greenfield dairy.
Financial Mainstream
Stellapps through this partnership aims to bring dairy farmers across villages in Tamil Nadu, Odisha, Bihar, and Rajasthan shortly into the mainstream of finance.
Access to Cash & other Services
IPPB will enable small dairy farmers in rural areas to have access to cash and other banking services like deposits, Aadhar enabled payment services (AePS), domestic money transfer, bill payments, and other related services.
Avail
Under the partnership, the local post office will appoint an official who will visit the respective milk collection centre to provide banking services to farmers.
- IPPB’s distribution network has over 136,000 post offices and nearly 190,000 postmen and Grameen Dak Sevaks, equipped with smartphones and biometric devices.
Points to be Noted
i.Recently, Stellapps launched mooPay in Bhilwara district of Rajasthan.
ii.It is a first-of-its-kind fully automated direct payment platform for dairy processors, including cooperatives.
Recent Related News:
On January 27, 2021, Bharti AXA General Insurance launched Krishi Sakha App, a one-stop-shop for Indian farmers that offers them relevant information to cater their daily farming needs.
About Stellapps
It is the first of its kind startup in India working towards the digitization of the dairy supply chain.
Chief Executive Officer(CEO)– Ranjith Mukundan
HeadQuarters– Bangalore, Karnataka
About India Post Payments Bank (IPPB):
It was set up under Department of Post, Ministry of Communications with 100% equity owned by Govt of India.
Establishment– 2018
Director and Chairman– Pradipta Kumar Bisoi
MD & CEO– J Venkatramu
Tagline– Aapka Bank, Aapke Dwaar
Headquarters– New Delhi, Delhi
