Demonetisation move prompts digitisation of milk procurement
Mumbai: Post-demonetisation, digitisation of milk procurement is getting a massive boost in organized segment which represents 20% of India’s dairy industry. Cooperatives and private companies are looking for digital solutions for direct credit to cattle owners’ accounts to ensure uninterrupted supply of milk despite currency shortage.
Historically, farmers got paid by the agents of the cooperative society. “Through milk-to-money, we have introduced direct-to-account payments. Given the small values, we had to really reengineer our internal costs. The whole process of capture of data and payment file had to be automated and have straight-through processing to cut down on operational costs as well,” said Andrade.