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SBI inks MoU to provide credit to small tea growers operating with APPL

17 Dec 2014 Evaluate

India largest banker, State Bank of India (SBI) has inked Memorandum of Understanding (MOU) to provide credit to small tea growers operating with Amalgamated Plantations Private (APPL), a Tata Enterprise. APPL has around 31,000 small tea growers which supply green leaf.

Tea sector in Assam is under pressure following increased cost of production. The industry is facing shortage of workers, absenteeism, change in distribution pattern of rainfall, low prices of tea, rise in input costs, impending wage hike, Plantation Labour Act (PLA) & minimum notified wages.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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